Last time I applied for Certificate of Occupancy on a SFR that we just finished renovating top to bottom the inspector made an unprovoked comment about people running boarding houses outside zoning regulates and said "people in the city are taking notice" I highly doubt anything will change.

hate to give this place up because it's a one of a kind property in a very desirable area and I'm thinking it could do well as a VRBO.In a nutshell, it's a 4 Bed, 3 Bath home on a little over 2 acres with:Indoor Pool and Spa with Retractable Roof.Separate but connected Diner / Malt Shop with Fridge, TV and Stereo.Huge Game Room off said Diner.The Game Room is actually a oversize 4 car garage, but it's fully finished, fully insulated, has it's own central heat and air and a full bathroom.Prior owner used this portion of the garages as a showroom for his car collection, we use it as a huge Gameroom.This gameroom has a 65" HD TV, Stereo system, Regulation Pool Table, Professional Quality Fooseball Table, Professional Quality Ping Pong Table and a low end Air Hockey table in it.House also has a 3 car attached garage and 4 more garage bays in addition to the 4 bay garage area we use as a gameroom.There is also a horse barn on the property, but we use that just for storage.Home is near major highways, major shopping, dining, entertainment etc. in the city of Lucas which is North of Dallas.I've seen VRBO homes in Allen that are in the mid to upper 100's per night that look like they are doing fine - I'm basing that on pulling up their calendar and seeing the days they have booked into the future.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

NEW YORK (CNNMoney) -- Flippers, the real estate investors who buy homes on the cheap and quickly resell them at a profit, just got a reprieve from the Federal Housing Administration.In an effort to help stabilize housing prices and unload some of the foreclosures that are flooding low-income communities, the mortgage insurer extended a waiver of its anti-flipping regulations through 2012.The waiver, which was initially issued in 2010 and set to expire this month, suspends regulations that prohibit the agency from insuring mortgages used to purchase homes that are bought and resold in less than 90 days."

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

The MM business is regulated (licensed, registered, meets capital requirements, etc.)

Also a good guy to read on is Bill Gulley, tons of experience with loan regulation and examination, etc.

The debt is charged off when it is deemed noncollectable and has some regulation around the rules if owned by a bank or financial institution.