(below)"For small deals like this, there is no need to spend $10k in legal fees and jump through hoops to ensure you’re in compliance with SEC regulation.

Any remaining amount must be turned over to the city/county treasurer.The short answer is to check your local laws regulating abandoned personal property.

Also, your local city/state regulations may have specifics, but in California, the accepted occupancy limits is 2 occupants per bedroom plus 1 occupant.

You may be creating a nightmare even if the property aspects go entirely as planned and no one acts up.Pooling funds with 5 people is very much heading into SEC and state regulations.

Towel rods, TP holder, ceiling fans, inti-tip device for stove, straighten 2 door frames, a couple of door knobs replaced, etc...

I also need to know of the laws, regulations, and everything involved.

Some zoning laws are antiquated and you may have zoning regulations that are unfavorable to this type of housing.

I understand accelerated depreciation is one of the bigger deductions you can make.Also I live in Cleveland, Ohio, if anyone knows of any local or state variances or regulations I should be aware of when doing my calculations.

Just to point out a subtle issue.If you are only paying interest, you might think it is a loan and therefore the securities regulations do not apply.

Every creditor has an agreement with the CDIA to pull credit under very specific permissible use rules and regulations.