To avoid personal day classification, adjust timing or ensure you document 4+ hours of work with logs or records.This post does not create a CPA-Client relationship.

Figure out what you can do next time to avoid this, get better rental comps going forward. 

You could have avoided this with the research.Common sense also prevails in many instances where if there is land in a townhome community - why did the original builder not build there as townhomes are not built by individual owners.  

Having a quality lease, treating people right, avoiding negligence, and having a good hazard policy with umbrella coverage are necessary.

However, it’s crucial to establish clear agreements early to avoid misunderstandings down the line.There are two primary structures you can consider: a general partnership or forming a limited liability company (LLC).

Wondering the above and if I should just notify other prospective applicants to avoid them paying to apply and having credit pulled?

Quote from @David Walton: This is something we have avoided as I have always been taught that we are the experts in the field and should be placing based on the rental criteria we have setup.

Just avoid building a habit around it.

I also want to avoid FHA or conventional rehab loans due to negative experiences I’ve heard.I’m considering two options and would appreciate input:1) Physician Mortgage LoanNo down payment or PMIRequires AC and flooring to be installed before closing ($44K)Would ask the seller to cover these costs and adjust the priceDrawback: flooring will likely need to be redone during renovation, creating inefficienciesPlan: fund the rest through personal loans and cash over 2–3 years2) Hard Money LoanFinance both purchase and renovations up frontComplete renovation in 6 months and enjoy the home fullyOption to buy AS-IS with no additional work needed before closingPlan: refinance after renovations to pay off the HMLLet me know your thoughts or if there's a better route I’m overlooking.

Is there a way to avoid that fee and purchase under a trust?