Would the contract be different since it not a deed like a physical house?  

You could still do a modified or slower approach to BRRRR by looking for value add multi's that need economic and/or physical upgrade that you can do as tenants turn over and improve the quality and value of the property over a year or two but still with ongoing rent/cash flow. 

Phillip,Thanks for the recommendation for a roofer.Do you happen to also know of a good structural?

Back Story:   I purchased a very nice Duplex 10 years ago. I really did not know what I was doing however I made it work. I  have lived on one side and rented out the other side, depreciating the rental side.  I do no...

I have a company who really wants to rent from my location and would be willing to sign a lease agreement prior to me building the structure.

What we’re thinking would be structured like this:Elderly mother currently owns the property outright.

@Sendhil Krishnan, Much is going be dependent on the structure of the entity that owns the property, the stated purpose when purchasing it (resale vs investment hold/use), type of improvements to date (entitlement only or actual on sites/infrastructure).  

There are ways to add to the capital structure to have the lender satisfied if the LTV is limited. 

Also while doing research on this topic I heard it's not illegal depending on how your contract is structured in the language terms.

What's their take on the physical condition of the home?