In that scenario, Fannie/Freddie have a 15% down option (but see above about market conditions) but they still won't lend to an LLC.Now, I feel that transferring your property to your LLC after closing is a non-issue. 

A few issues I see- raising capital- as you can probably tell, this is not going to be profitable. 

I spoke with someone who had a similar issue and proved that the property was being used as a 2 unit rental because they had a lease agreement in place and never discontinued use for more than 3 years since most recent rental license.With 3 units its a bit of a tougher battle.

That's still the issue I have with other markets like Washington.

- Foundation issues - should be more obviousWhat else am I missing?

@Jay Hinrichs  I think part of the issue is that while we might consider it entertainment, so many people see these podcasts, etc as fact. 

I've seen that you do a good amount of cleaning them up before you stick a renter in there so perhaps the issue not so much the capex but the property management.Keep killing it! 

I'm also very curious about the permit issues, I always imagined that they would be more lenient about what you do on your property out there, but then again it is NYS!

With that, we became the American Association of Private Lenders—and we began spreading the word.Finally, Some DefinitionsUnderpinning the concept of minimizing the use of “hard money” in our industry is a recurring theme of standardization—that the root of the issue is too many interpretations of what the same terms mean.We offer up the following definitions for discussion, debate, fine-tuning, and eventual consensus [last updated 5/9/2022]:Private lender: Any non-depository individual or entity that primarily originates business-purpose loans secured by hard assets, generally real estate.Hard money lender: A subset of private lender where creditworthiness is determined solely by the securing real estate collateral.Correspondent lender: A subset of private lender where the closed loan is sold to investors.Portfolio lender: A subset of private lender where the closed loan remains in the lender’s portfolio.Fund manager: A subset of private lender where, depending on the fund structure, the deployed capital is sourced by offering exempted securities to accredited and occasionally non-accredited private investors.Private investor: An individual or entity that seeks a return by deploying capital through a private lender or fund; the investor may or may not be named on the loan’s promissory note.Private money broker: Any individual or entity that acts as an intermediary between a borrower and a private lender without directly originating the loan.

Airbnb has insurance in place to help offset any guest issues.