Renewing and raising rents up to market rate in the area.

Our investor put up cash.

Here is what I've found up until now -1.

If your investment is only a good investment if everything goes perfectly then it isn't a good investment because if you hold a property long enough it will not go perfectly!

Do they just build up enough equity to refinance into a conventional loan in 1 yr? 

It was very complicated and cumbersome to set up properly and difficult to use.

Very humble, hardworking, blue-collar family and they happen to grow up in a part of California that is highly desirable now.

You typically don't want to do any renovations before the 2 years is up...just basic safety and securing the property.#4. 

This means that to benefit from the separation between my personal assets and the company’s assets, I need to establish the LLC in New York State.However, I’ve found that the start-up costs and procedures for opening an LLC in New York State are significantly higher and more complex compared to other states (such as the requirement to advertise in several newspapers for an extended period).

And the time it was your primary residence (tax free up to the $500K exclusion).