Or should I say is that acceptable by the IRS? 

I am considering changing my application acceptance policy from first come, first served, to choosing the most qualified applicant and wanted some thoughts on this.1.  

Is there any chance that the bank will accept this application if the appraisal doesn't explicitly state that the 85% rule is met?

@Vlad-Stefan MarcuYour home will more-than-likely be considered your principal place of residence which will qualify you for the Section 121 exclusion of $250k ($500k if MFJ). 

I also have been attending my local community college for the past couple of years completing my prerequisites in order to be accepted into an RN program.

I would write down your acceptance criteria for your first investment (cash flow, down payment, building size, etc.).

Because you know him so well, I would probably forget the purchase and sale agreement assignment and go straight for an exclusive option to  purchase, which is recordable.  

Account Closed  As someone who has marketed almost exclusively via attorneys and members of the legal community (for 25+ years now) I can tell you that the issue is rarely confidentiality. 

Hello,Hope you are doing great.Quick Introduction about me: I am newbie Investor with 3 SFR positive cash flowing properties - all are Buy and Hold Rental properties - I am able to Traditional finance for 30 years fixed up to 100% of purchase price (by executing 'Buy-Rehab-Rent-Refinance' strategy).My new venture: Seller accepted the offer of 95K that I made on a fourplex property located in Houston,TX and I like to find out the next steps on this.Details about the property:Good-This building got all 4 units rented (525 … 565 … 550 … 550) with total monthly rent of 2190.

@Justin HerringtonWhile Thorold does not give a maximum occupancy per dwelling unit in a direct manner, it appears to define any building providing lodging to more than four (4) occupants as a boarding house:“boarding house” means a building in which lodging is provided for more than four (4) persons in return for remuneration or for the provision of services or for both and in which the lodging rooms do not have both bathrooms and kitchen facilities for the exclusive use of the individual occupant;In turn, they restrict a rooming house or lodging house (but never marry definitions to that of the boarding house) as follows:Where a dwelling unit contains rooms intended to be used in conjunction with a rooming house or lodging house, the occupants may share a single bathroom provided that: (1) not more than nine (9) persons occupy the dwelling unit; (2) for each additional nine (9) persons or part thereof, there shall be an additional toilet, handwash basin, bathtub or shower; and (3) access to the bathroom can be gained without passing through: (a) a habitable room of another dwelling unit; or (b) an open area, which is not normally heated during the period of the year which heat is required by article 2.22.3 of this by-law.So, it appears to come down to whether boarding houses are permitted where you property is located (and whether they need to be specifically licensed), unless your building would be seen as a non-conforming duplex.This is the question, I believe Thomas was asking.