@ Tanner Gish, Disclaimer: I'm not qualified to answer your question.

You have to buy property through an IRS qualified custodian. 

Your building may be currently in good condition, and your exit plan is for a three-year or shorter hold, then you can consider that in the recommendation to collect adequate Capital Replacement Reserves.3) Inspections - Include an inspection provision, and most importantly engage a qualified, competent property inspector who can verify the condition of all of the building and equipment you are buying.

You might qualify for a portfolio loan (where the bank holds the loan and does not resell it).The LVT and rates for these are high.Or you can wait for 2 years to be able to show income on your tax return.PM me if you want to learn more about portfolio loan.Upen Patel

After they are qualified (credit/criminal/reference), I explain that they will give me post dated checks for EVERY month of their lease.  

So I got pre-qualified for 100k, Where I live in Jersey, I cant buy a multi family home like my plan is.

You will still need to income qualify for the refinance. 

So your use with radiant heating would qualify as a situation that if I were to add AC I would first look at the Mini Splits.Another gotcha is make sure your electrical can handle the expected load. 

To qualify as a true bedroom it has to be at least 100 sq feet and have a closet.

And... once I own once, I will have access to capital because I know "stated income" lenders, so if I own one hotel that profits even $300,000/year, that will qualify me for a loan to buy a hotel valued at $3.4 million next time around.