It helps to ensure that the project meets the necessary standards and regulations: A scope of work should include any necessary permits or approvals that are required for the project, as well as any relevant standards or regulations that must be followed.

@Jess White it is even better if you have a 457 (government) and the employer matches up to 4% of salary.

@Andrew Postell i plan on owner occupying it and I cant quality for any government loan so I have to go the non-QM loan way

Best to look up for the regulations for your state. 

There are some regulations and stipulations around FHA loans for 3-4 units (self sufficiency) but this doesn't increase the down payment and make it a commercial loan.

Please choose one:1. you're crazy2. you like having your property destroyed.3. you're burnt out and don't care anymore.4. you like dealing with bureaucracies.5. you want to help the government spend your tax dollars.6. you have a friend that likes to do repairs7. you want a renter that you can't remove.

However, I've begun using a CPA to help with my tax filings staring for the 2021 tax season and I pay him to navigate the rules and regulations of what is required.I have heard of CA pursuing "unpaid" taxes on out of state residents who have rentals or earn income in CA, so for my situation, it is worth hiring a tax professional to ensure I am doing everything correctly and am not hit with a bill 5 years from now from unpaid taxes + interest claimed by CA.

@Brandon Fischer  Given the lending laws, hard money lenders stay away from lending on primary residences because they need to adhere to TRID regulations. 

Hi John, if the seller's title company is the most reputable in the area and you have an open line of communication with them, when the listing agent, seller's lawyer, and title company have told me there are no liens it's clear, and I can give the title company the liens exceptions list from auction.com "Most liens are removed after a foreclosure property sale, but certain liens may remain.Here are some examples:Any lien recorded on title prior in time to the foreclosing mortgage.First Mortgage (if the foreclosing mortgage is a second or third mortgage)HOA or COA assessment liens (in certain states)Mechanic’s Liens (in some states)Government liens such as state and federal tax liens, city or county liens, US Government liens.IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)Code Enforcement Liens, Environmental Liens, and Utility LiensChild Support Liens"to make sure the title insurance would have coverage for these exceptions, the list from auctions.com, would it still very worrisome to use their title company?

Many likely have concerns about the impact of upcoming STRO (Short Term Residential Occupancy) Ordinance in San Diego and how it will affect rents/values. I work on a team with the Managing Brokers at Class Realty G...