I was just on their website looking at the permit process:CityofSac-STR PermitLooks like 90 days max until you get a conditional use permit but still reading as it seems a little unclear:A short-term vacation rental may operate from a location that is not the operator's primary residence for a total of 90 days in a calendar year.

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage. 

My condition was that they rent the house for 1% of the costs and sign a 3 year lease.

I do not recommend someone who has never owned real estate to do a fix and flip as real estate is challenging and cost prohibitive, I recommend if never owning real estate to start with an asset that does not need major repairs. 

Gretchen Whitmer signed three Senate bills of a five-bill package Monday, Dec. 30, that prohibits landlords from discriminating based on source of income.”I live in Michigan but have no rent property in the state.

.: @Nathan Gesner   Hmmmm....thanks for asking....i thought there was a law change quite a while back, maybe over 10 years ago, which prohibited smaller landlords like me for getting SS#s. 

, see that under "sale conditions" it's listed as 1031 Exchange, what affect would that have on me - somebody interested in purchasing their property?

If so you need to fall into the guidelines (for the investor whos funding it) regarding non arms length transactions.The most common scenarios they typically prohibit are:- Gifts of Equity- Bailouts- Leaseback OptionsAt the end of the day it needs to be a legitimate transaction, with legitimate funds coming into close.

In Illinois, when an agent does that, there are functions normally expected of the realtor that they are legally prohibited from doing.

But I would urge planners to consider that the Sec 263 regs they rely upon for the justification for not expensing remodeling costs is actually an exclusion section which prohibits deductions under pspecified circumstances that being that the amount was: "paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate."