Finish basement and flipI just finished my primary home basement (1200 sq ft with Bedroom, Full Bath, Library, Theatre, and Rec Room for $10k, and could do the same again for this new house.Thoughts ?

Across from a park, view of an old church, walk to theatre and downtown. 

The ATR or Ability to Repay Rules from the CFPB have to be followed. 

New bars, new movie theatres, lots of shopping, military tenant friendly, easy access to 1604, the works.

The question is about the ATR/Ability to repay requirement on a loan, as well as a TIMING question.I live in Orange County/ SB county ( southern California).Is this market too hot to start, and should I wait for prices to drop? 

Ufmip, mip, fees, qualifiers are all part of the atr(ability to repay) laws put in place to protect consumers.

Not to mention-the property is only approximately 6 miles from either the beautiful gulf beaches AND from Tyrone Square Mall, which is where Cobb Luxury Theatres is located.

Currently I'm 22, living with my father and am paying for a useless degree (Theatre, 32k debt ~4.5%).

Hi @Tarek WazzanIf you get more than 3% of FMV you run the risk of a "disguised sale" by a re court or by the IRS.Better to sell on a land contract and vet the buyer as to the ATR rules of the CFPB if you want a long residential term and a large down payment.See an attorney well versed in default issues of a contract for deed - land contract.See http://digitalcommons.law.utulsa.edu/cgi/viewconte...

Salt Lake Community College, e.g. has a theatre program, but she's really quite interested to get far from Utah as she's on the LGBTQ+ spectrum and Utah isn't very friendly to her politically, socially, etc.I have read https://www.biggerpockets.com/... and thought she could consider a 4 plex in the Bronx, e.g., but maybe the extra stress would be just too much for a Freshman, in a new city, trying to get college done, and worry about owning property.