Good luck with that.I think this is 1 more reason many people say, I don't need no stinking permit.

The 85k was all materials, equipment rental (back hoe, bobcat) HVAC contractor, Electrical Contractor, and Plumber, along with permitting, etc...

Obviously STRs and wedding venues are not really the same thing (but they could be), but I do loosely consider them related in the sense that it is a hybrid between a traditional real estate investment combined with a "hospitality" element in regards to management and operation.The obvious starting things to consider that I've thought of are finding a property manager who is good at and/or wants a hands on type of approach to managing the property, working with and having good relationships with wedding industry vendors in the area who you can trust, extra things to consider with insurance, taxes, and permits etc, extra maintenance and repairs costs factored into your cash flow analysis, and different types of marketing strategies.

Sounds like you are attempting to make this happen with a conventional lender...lending laws don't permit these guys to originate to an LLC...if this is your chosen course, you'll need to transfer title to your personal name...but since you are unemployed this will almost certainly hit a brick wall.I would look for a loan broker...they'll figure out something...in my opinion the fees are worth it if they can make a deal come together...you'll likely be looking to a commercial lender...but most have minimums for portfolio type loans...$500k combined appraised value....and you'll need a good equity position and strong cash flow.

I divided the asking price by sf.The conversion would essentially be 3 to 4 new kitchens, bathroom, wiring, permits, etc.

Here is a quick rundown for you on those people however if you want to review yourself: Disqualified persons are individuals or entities between whom or which an IRA is prohibited (absent a special exception) from engaging in any direct or indirect sale or exchange or leasing of any property; lending of money or other extension of credit; furnishing goods, services or facilities; or transferring to or permitting the use of IRA income or assets.

My GC has asked me to review the permits that were pulled for the property since his company wasn’t the one who did the rehab.

@Devon CornwallYou will need to find an attorney who practices corporate/securities law.Aside from the normal securities and instruments, a registered account (RSPs, RIFS, TFSAs, etc) can hold a note associated with an arms-length mortgage, though there are only a handful of trustees in the country who will still administer arms-length mortgages  {This is not to be confused with a non arms-length mortgage on your primary residence which  is also permitted ... but seldom a wise thing to do}.

The day I was going to put on the market I decided to see what was involved with renting. 2 weeks later I had a rental permit and a signed lease.

Price does not include permits or landscaping.