One exception might have been a 3% construction mgmt fee.

Charlie, you are correct on RESPA as Federal regulation, but finder's fee for unlicensed individuals in real estate is state by state regulation - In California, for example as long as it is diclosed this is legal - "In California, a “finder’s exception,” allowing an unlicensed person to be compensated for introducing parties to a real estate transaction, has been judicially approved since 1923.

Typically it is binary, you either meet the 24 month requirement or you don't...there are a couple of exceptions for moving in less than 24 months which you can review here:https://www.irs.gov/publications/p523#en_US_2023_publink1000...Look at the "Partial exclusion" section

new to this and just looking for some advice guess i really i don't no where to start so any advice is appreciated bought my first house in may and thing seem to be going well so far its more of a boarding house / house hacking roommate situation with people i know for the moment plan on doing some things to up the equity but am limited on funds i know the neighbors house just sold for a bit more then i paid for mine so that's a plus and mine is nicer and in better shape i have almost no debt for the most part except the current mortgage on said house don't make much from my day job less then 3k a month after taxes and have good credit. i guess i just really need to know where to start should i be starting a LLC or something similar?

Properly scheduling inspections for HVAC systems, water heaters, septic.. etc, is vital to minimizing emergencies.

A couple other tips;you can’t use the renovation loan to finance renovations to the commercial space. only exception is if you need to do repairs to the core structure or mechanicals that are integral to the building (ie, structural work, sewer lines, water mains)Make sure you work with a lender that knows how to do these.

buy low, no exceptions. 

At that point he cancelled all insurance except for liability.

Thank you very much for your reply Gregory Wilson ,I think they will except a 2nd position because it’s only 30% of the price.

With the exception of finding the tenants (I use an agent) I manage all maintenance aspects of the property but am coming to a point where I might want to move on and considering doing a 1031 exchange to of course avoid Cap Gains and invest in another property closer to my primary residence.