Dumont, for example, raised their property taxes 2.35% this year, but their Rent Control Ordinance is pegged to the CPI and for the last few years has only allowed Residential Landlords to raise rents by .008%. 

I then told him that I have been looking for an investment property to buy, I can close fast (as fast as my hard money lender can move I guess) and I asked if we can meet at the house in the morning to see if we can come up with a win-win situation that would allow me to purchase the home and RENT IT BACK TO HIM.  

Let's suppose you fix up a kitchen (or some other thing).Let's suppose that will allow you to command $175/month more in rent, and let's suppose you have a vacant month each year, normally.Let's further suppose that it will cost $10,000.

In places where i have bought, for example, if I buy a single family and the zone allows 2 families, I can just do by right and convert it.There is just a basic application needed with the zoning office.. 

While you might have to sign a contract after the auction, it would not allow you the time to obtain traditional financing.A bank would never approve you for a mortgage, give you cash directly, and send you on your way to look for a home to spend that cash on.  

I was approve for a streamline refinance that allowed me to lower my rate without checking my credit score.

If your financial situation allows you to buy one rental property this year, your goal might be to put in one legitimate offer on a property by the end of the third month. 

@Waylon GatesFollowing are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m) .The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2016; the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

I'm in the Omaha area and would love to pick your brain a bit about your experience but my phone is being glitchy and won't allow me to add you.

I would include a contingency clause allows you to renegotiate the purchase price or exit the contract without default if there is change in the income of the property.I'm sure you can have a real estate attorney draft something up quickly.Good luck,Makenzie