If the property is not occupied for 6 months out of the year, (and you will have to prove that) then you will have to pay $3,000.

@Emmanuel Ola, as others noted, there is a lot that doesn't make sense about this whole process.But ultimately, if you have a FULL scope of work with everything included, and he is willing to do it for $45k, then great.  

Then when we went to close the mortgage on the land and the construction loan would be taken over by the VA loan.Hope this helps.

I have found what I think is a good passive 1031 option where you can earn 15% and then get out in a year and 1031 into something else.

I recently read in a book that suggested I should open a dual checking and savings account, and take the security deposits from my future tenants and store them in the savings account, then use the checking to pay the mortgage or maintenance fees.

@Eli KingThe seller would need to contact the servicer of their loan and confirm it’s assumable.You would then need to qualify with that servicer plus have the funds to cover the difference between what remains on the loan and the purchase price for the home.

So if your intent is to rent it from the get, then you could be on the hook for fraud.

My scores improve by getting utilization under 78% and then 66% followed by 48%, and finally 29%. 

HI Troy,If you are purchasing the new home as a primary residence then you will not need to put 20% down. 

By changing any of those, you then are required to update the code for the room, which would most likely add to your list the requirement to add a smoke detector, which may not already be present in the room if it is not a new home.Now, that is the RIGHT way to do the conversion.