There is no homestead exception applied...but I will also lose it in my current house if I rent it, so ...I'd like to go with the worse case scenario.

Another loan is a bridge loan that uses equity in your existing home to buy the new home, they can also take a security interest in both properties, when the old home sells that amount secured is applied to the loan.No lender is going to want to provide a new loan with the expectations of a long term loan arrangement on a property that is being sold.

I think this is the main difference and mostly applies to expenses that go beyond gross income (say we have an unexpected $10k expense after income, the syndicator is responsible for coming up with the $8k) - Curious to know how this works in other syndicated deals.

My friend got around the Rent control laws by having a relative live in the building, if the owner is in the building, rent control laws do not apply to NEW tenants.

To answer your second question first, yes, it would be as simple as your parents going to a bank and applying for the loan.

Originally posted by @Vincent Crane:1031 exchange into a new property so you don't have to pay HOA fees anymoreHi Vincent, They are actually living in the condo and have lived in the condo for well over two (2) years, so the 1031 Exchange would not apply since it is not held for rental or investment purposes. 

The holder of the debt.Do not charge fees, it's not a finance company.Interest is as agreed, you need to check usury laws for the state and stay under that rate, generally usury law will not apply in a commercial loan.A note is not a qualifying asset for an LLC as a capital contribution for compliance where capital may be required.Look up sham transactions as well, I have no idea what you're trying to accomplish.

@Tanner GishWith respect to UBIT, that is a tax that applies when a tax-exempt entity engages in a trade or business on a regular or repeated basis.Flipping houses or new home development are business transactions.  

I might try the 1st year without property management just to understand the nature of the work so I can properly manage my property managers in the future.Property: built in 20001836 sq ft., 2 floor, 3br/2.5baupdated/modern interior paint and white cabinets, likely tied for best appearance in my modest neighborhooddark espresso engineered wood floors, glued down - (bad for a rental?)

Now I believe is the right time to join the industry and start applying the knowledge I have learned about the industry and also to learn much much more.