Or additional lattice that may block out more of the cemetery but local restrictions may prevent such things being built too high.Such an external obsolescence will affect the ARV of the property so it must be budgeted for.

California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts in case of contract disputes.  

@Sung Park I believe that in Illinois, and more specifically in Chicago, if the building is under 25 units then there is no restriction on how the security deposit is held. 

I will say, though, that the worst case scenario that many alliance members consider is that they restrict the ability to operate short-term rentals to only your primary residence.

(ie some universities asks current students to renew their lease as soon as January for next school year's living arrangements)In addition, you might want to research on the city's zoning code on student housing; most cities restrict the number of unrelated individuals living under the same dwelling, but allow for more if qualified for student housing.

College Station has regulations as follows:https://blog.cstx.gov/2013/08/14/whats-allowed-for...The primary purpose for these restrictions is to maintain neighborhood integrity and ensure public safety, which are high priorities for many of our residents.

Mayor Walsh has already restricted short term rentals and I would expect that other cities in eastern Mass are not far behind. 

Before you get in too deep, get yourself a copy of the Homeowners Association covenants and make absolutely sure that there are no restrictions against renting the property.Good luck!

As far as I can tell the only way we'll be able to sell these units to homeowners is by providing a pre-packaged loan solution to them with a portfolio lender/private lender who is not subject to the Fannie Mae restrictions.

I know when I used to have a similar restriction most borrowers would buy calling their foreign investor 20% but then amend the partnership the day after the closing.