Additionally, they cut a small hole in the fence so SDG&E (the utility company here) can read the meter from the empty lot.

The way the the 2nd home rider (the rule) is written is something such as "The borrower agrees to keep this home available as a 2nd home for the borrower and to not place LTR or professional property management for 1 year AFTER THE DATE of this executed second home rider".

But you mentioned that you have the same basic certifications as a lot of those trades workers so if you can pull permits yourself then that shouldn't be a problem. 

So housing is working on the executive or young professional end down to the Section 8 tenant. 

I am in the OKC market and live here, would love to trade secrets anytime!

Would not trade that for anything. 

One thing to note, for tax purposes on a long term rental (you mentioned multi-family buildings), the LLC is discarded for federal taxes and all income and expenses just go on Sch E on your tax return.  

@Nhan LeIf there is no contract it would be very difficult for either party to seek recourse.Find a licensed contractor and execute a contract.

@Rebecca E.

The three categories are as follows:• Category 1: Gross income from interest, dividends, annuities, royalties, and rents, which is not derived in the ordinary course of an active trade or business.• Category 2: Gross income from a trade or business that is a passive activity or a trade or business of trading in financial instruments or commodities.• Category 3: Net gain (to the extent taken into account in computing regular taxable income) attributable to the disposition of nonbusiness property and property other than property held in a trade or business to which the 3.8% NIIT does not apply.