What are the risks / potential liabilities if we operated an LLC for rental properties but used a checking account strictly for business purposes in our personal names?  

The Federal rules only require 30 days hold but state rules that are more strict (Meaning to the benefit of the borrower), would take priority over Federal rules.for a while back not too long ago, the average days to foreclose in IL was almost 700 days.

They have strict ideas that contractors do the minimum just to get by inspections.

Security deposits are allowed, subject to very strict provisions.

My friends that invest in northern and southern California do it strictly for appreciation and are making so much money in other businesses that they use the real estate as a tax shelter.  

Lenders are strictly prohibited for accepting any kind of payment if a deal does not close.

These loans will be resold on the secondary market so the underwriting is strict and standardized.

Does anyone have any experience in getting a loan for a vacation home and renting it out vs getting the loan on a property strictly as an investment property?

Acquisition standards: What standards does the sponsor have for acquisition, how strict are they, and why the standards are that way.

We then had to pay twice for the work.We also had used a lender that had good initial terms but were very strict and delayed about releasing reimbursement funds for the rehab completed (Mistake #4).