@Michael Weis - some lenders will actually get you as much as 80% depending on the loan program and whether it is recourse (i.e. you personally co-sign for the loan to your legal entity) or non-recourse. 

Are there any legal ramifications for running a business of that sort from a single family home? 

With my 9-5, I am part of a legal plan and have been for about 3 years.

Does anyone have any info on how can a  2nd lien against a property be removed when it got discharged in a bankruptcy chapter 7 when strip offs were permitted by bankruptcy law and discharege says assignemnt of mortgage/lien shall be deemed void and extinguished because property value was underwater and was zero?

How investors can legally and ethically engage in wholesaling:These guidelines are designed to protect all of us from scrutiny, investigation and possibly worse.

What's the legal timeframe allowed for informing the tenant?

Your safest option is to insist in the standard 12 month renewal and make sure they fully understand their legal/financial responsibilities if they break the lease.It may be standard for wealthy tenant's in A++ properties to attempt to negotiate their lease but that does not fly in my blue collar world.If they decide to leave you will be farther ahead even with the turn over costs.

Some will have it in the legal stuffs that you either have to pay them for the rest of the agreed management term, or will charge a fee for "cancelling".

BUT you will still need to find a GC to sign off on the work and pull the permits. 

--So long as it is legal, an above-standard security deposit.