Institutional or registered lenders are often exempt from usury laws, individual, unregistered, private lenders are usually not exempt, check your state usury laws.Paying any fee to obtain a loan is considered points, points are pre-paid interest, points are paid to institutional or registered lenders, not individuals. 

Check for:•Proof of insurance and licenses•At least three references (and actually call them)•Active permits pulled under their name in your county2.

Also check if your lender charges any prepayment penalties or early closure fees.From a tax perspective, since both homes are personal residences (not investments), the main thing is tracking potential capital gains and how long you’ve lived in the current property before selling.You’re in a tricky spot, but balancing convenience and cost here will save a lot of stress later.Thank you Deborah for your input.

That decision fueled my discipline to save consistently and check zillow almost everyday (as I knew nothing of biggerpockets at the time).2) Took Action - The action to save, the action to check zillow, once I felt I had a good amount of money (not nearly enough lol) I started to reach out to lenders to get pre-qualified - that process told me what else I needed to do (creditwise/cashwise/debt to income ratio wise).

Just check your lender’s seasoning requirements and any due-on-sale clauses.For taxes, that title transfer doesn’t trigger gain or loss if you’re the single-member owner.

Check out this chart: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyMake sure you understand the Class of properties you are looking at and the corresponding results to expect.Metro Detroit has 132 cities, the City of Detroit 183 Neighborhoods, which we’re analyzing and classifying.

Check out this chart:FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyMake sure you understand the Class of properties you are looking at and the corresponding results to expect.Metro Detroit has 132 cities, the City of Detroit 183 Neighborhoods, which we’re analyzing and classifying. 

This is going to be very situational like @Paul De Luca said check with any HOAs then check with the city, county, and state to understand how the laws would impact you.If you are in the Chicago Metro I imagine you have this happening all over the place.Maybe try talking to an attendant at one nearby and see what they run into.How many spaces are you planning to rent?

This is why you see airlines like Spirit and frontier operating like they do.If I just increase my price 15%, the guest now sees it all up front and not added in check out.

Check your competition, especially ones with full calendars to get ideas on what you copy in the way of marketing and amenities.