FHA will not insure a mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be insured will be the only one owned using FHA mortgage insurance.Any person individually or jointly owning a home covered by an FHA- insured mortgage in which ownership is maintained may not purchase another principal residence with FHA insurance, except in certain situations as described in HUD 4155.1 4.B.2.d.”Then note the only the exceptions where you may be allowed to have a second FHA loan at one time.

I have been trying to brainstorm ways to get coverage that would let him AIRBNB the place. 4 homes on about 5 acres of very maintained forest.Ideas?

This property has been on the market for some time likely b/c it's considered historic and cannot be torn down and the exteriors must be maintained, so a lot of investors are not interested. 

The problems created by these LLC are the cost to maintain the entity (state fee, registered agent), maybe a 1065 informational tax return CPA preparation cost for multi member LLC taxed as partnership (but you can also do it yourself), the higher cost of credit (lending rates for LLC is usually higher than for individuals, and lenders are more difficult to find), and the cost of using a lawyer to represent your entity in court when needed.On the other end, they will insulate your assets in case of lawsuit from either inside liability or outside liability attacks.

Namely, if we were to keep these homes until we retire, we would have this wealth, but 1- we would have to maintain them, deal with the tenants, etc.

Namely, if we were to keep these homes until we retire, we would have this wealth, but 1- we would have to maintain them, deal with the tenants, etc.

Hi I do remodeling and handyman services in the area of Geneva IL and have worked with builder but want to grow business and maintain busy

So I dont know what overhead would be if I owned it and I am paying someone to maintain and fix the things that he currently DIY's?

Well maintained interior offers an open floor plan with picture windows and a designer palette throughout.

Well maintained interior offers an open floor plan with picture windows and a designer palette throughout.