If you are a business then you may also owe Franchise Sales Tax on the income as well as personal.Www.mylodgetax.com is a service I have researched and will use to help me sort through all this red tape.  

They claim to be an assistant of sort and even schedule my open houses (I have to tell them what days I want to be there for this)...

A quick Google reveals that both MN and ND have some sort of TDR or conservation easement programs, although I couldn't find a home page for either.

I am just sort of responding as a thought process.

@Todd FindleyIf foreclosure procedures are already started, filing bankruptcy won't stop the process, but will delay things until the courts sort out everything.

Deciding between a commercial or conventional loan sort of depends on your risk tolerance what you can expect with the process.

Then again, I personally do mix the reasoning together because of the fact that m2m usually causes me more turnover and therefore costs compared to 1 year leases.I have to admit, though, that so far this is a mixed pool of sorts since my 1 year lease tenants tend to actually leave after this year due to relocation etc while some of my m2m stay even longer than 12 months...

The good news for us is that lending law allows us to use any non-deceptive terms, so by using "Private Lender," we can avoid all sorts state and federal regulations.

I cant image that such a conversion makes sense (except for converting an unused basement to a separate apartment like on the east coast), and it would likely make much more sense to sell the existing SFH and buy a multifamily house.

I know if the people can do some sort of owner financing.