The home needed relatively significant renovations which is what we wanted in a first property.

I love that you saw an opportunity to both help your relatives and create some multi-generational wealth.

It kinda sounds related to trying to build a new mobile home park.

I am sure many can relate to my situation.

Below is from Fannie Mae:“If the borrower is personally obligated on the mortgage debt (as evidenced by inclusion of the related mortgage(s) on the credit report) and gross rents and related expenses are reported through a partnership or S corporation, the business tax returns may be used to offset the property’s PITIA”.If anyone has any knowledge of this or experience in doing this please share!

This property was bought for about 85k and has 90% cosmetic-related improvements to be made. 

Also, we've targeted Mobile because my wife's family all live there and it's a relatively comfortable place for us to invest OOS - so we'll likely be looking for more deals in the Mobile market in the future - would love to connect with any other Mobile REI's, wholesalers, or Realtors who are interested in connecting for future business!

In this circumstance, if you directly pay your own health insurance premiums, you can take a deduction on the 1st page of the 1040 for "self employed health insurance".

A question I have is if it is a relative safe assumption or general rule of thumb, used in a quick analysis scenario, that if a property has a Certificate of Compliance with the City that the MEP has been inspected and is up to code.

I want to post this to hopefully learn more about this topic, that maybe the podcasts and pages don't cover entirely.