I wrote an article about how Letters of Explanation and How it can make or break your loan file.4 exceptions to obtaining a 2nd FHA if you pursue this path is 1) larger family size 2) divorce separation 3) you were a non occupying cosignor on another person's FHA loan and 4)relocation.

It's actual a duplex that has been set up as a bit of a rooming house with separate accomodations, but not technically suites in the lower halves, as the standard stove has been replaced with a hot plate, etc..

Separate into a business plan, marketing strategy and monthly revenue targets.

In those situations, the statute also provides that the required disclosure must be given by a separate document at least five business days prior to the purchaser executing the contract for deed.13 Like the rule applicable to contracts for deed resulting from a purchase agreement, failure to give timely disclosure prior to executing the bare contract for deed does not affect the validity of the contract for deed.The statutory disclosure (which must be in at least 12-point type and signed and dated by the purchaser) provides information about contracts for deed that may not be known to the typical unsophisticated purchaser from a multiple seller: a contract-for-deed purchaser does not have the protections afforded a tenant or by mortgage foreclosure laws; the purchaser will be obligated to pay homeowner’s insurance and taxes and make repairs and perform maintenance; the purchaser will need to refinance at the time the “balloon” comes due; and the statutory cancellation process can be quick and the consequences severe.

Those are two separate documents a lease and an option to purchase.

Two of them weren't able to find any coverage, one of them had to do some digging but was able to find two separate companies to cover hazard/vandalism + liability.

Separate Furnaces in each unit.

If you are willing to separate yourself from treating it like your "home" to it's a business.

In cases where you're cashing out an ex-spouse through divorce the conventional guidelines and the tax law consider this to be a purchase since you're separate legal entities after the divorce and one person is buying from another.The concern I would be asking you if I were your lender would be, if we were looking at conventional financing would be:- What is your current fico scores and monthly obligations post divorce (check the divorce decree)- What is the income we're working with ?

I've always been advised to set up the property owner to be an LLC and to have a separate bank account as well - which all makes sense.My question though - what if I create an LLC with a corresponding bank account, but I own the property myself, and have the tenants rent from the LLC?