The more individuals you have in the household the more space you need to eat, so you need to make sure that your kitchen is big enough to seat everyone.

Now that this isn't allowed, individual LOs just make up overlays to turn that business away entirely.

@Bill Hampton if I may ask a follow up question, at what point should an individual consider using a CPA versus doing it themselves?

✓Requirements for a Delayed Financing ExceptionThe original purchase transaction was an arms-length transaction.For this refinance transaction, the borrower(s) must meet Fannie Mae’s borrower eligibility requirements as described in B2-2-01, General Borrower Eligibility RequirementsThe borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

The cap expense estimate needs to be accounted for every month otherwise your cash flow analysis will indicate artificially high. 

The current manager of my complex has been keeping the rent the same but tacked on a surcharge to cover water  (water is not metered to individual apartments) and property taxes.

What indications are you seeing for an expected recession in 2020?

Also, it's hard for banks to sell to individuals off market because it shows favoritism (it is favoritism) so to reduce liability/impartiality and increase transparency banks almost always go through a 3rd party broker. 

@Marc Dube, definitely want a HELOC to buy/hold for 6 months, then refi into conventional loan...rinse, repeat until I get to 10 properties, then will have to look at other options since Fannie/Freddie won't allow more than 10 in an individual's name.

They also made individual owners responsible for upgrading the stucco within the boundaries of their unit rather than making a special assessment to do the whole building.