I read IRA pub 523 and my takeaway is that the I do not qualify for the primary residence exception (the '2 years living there in last 5 years' clause) because I didn't live there for 2 years total at any point.

It took an additional 4 months to close and the seller ended up spending $25,000 in legal fees to clear the title.I'd get the advice of a real estate attorney. 

@Steeve Breton from my understanding, once there is a non-accredited investor in a 506b deal, there are a few additional pieces of self-verification information that the Sponsor must collect, and once they have to collect if from NA folks, they must collect it from ALL.

If I were to remodel it, in to two additional units would I need to notify the bank? 

The principal balance is what he’s paying for not having the 1 million up front + he has to come up with the 90% (because he out 10% down) so an additional monthly payment is required to eventually pay off park purchase. 

Happy to help with additional input or get on the phone if that helps.  

Features offered (some just offer lists/data, others offer additional tools)6.

Additionally, I would make sure you still have a mortgage contingency clause in the contract in case the funding falls through. 

For single family I would look in Bergen County zoned for good schools, something that needs work and you can force appreciation through reno or addition.

In the event of a slight downturn it would be safe to build additional vacancy losses or rent reductions into your pro-forma so that your property still cash flows well. 2.