He chose one of them (with slight modifications) and that is what we went with...To make a long story short, we are now using a Wyoming Limited Partnership to hold the properties with a Wyoming LLC as the 1% General Partner.

Anything over 2 units necessitates that rule.

You can buy the note real cheap, foreclose on the property and rent or sell. ...Another alternative is buying the note at a discount, doing a loan modification with the borrower (so that the borrower is able to perform as agreed), and then collecting cash flow from the modified loan.

The bank is offering 2 options for modification.

My dad was never given a notice nor was there any damn modification done to the house as said in the documents.

Based on my understanding, purchasing points typically necessitates holding the mortgage for 5-6 years to reach the break-even point.

They neglected to mention that SROs (single room occupancy, aka lodging house, aka rooming house) also means likely very high maintenance, necessitating supervision and hands-on management.The property had just dropped out of contract because the first buyers couldn’t get bank financing.

The lease modification path is probably a dead end for 12 months.

Also, depending on the nature of the business, find out if you have to make any modifications based on zoning, fire code, or ADA...

I have completely fell for this tiny home when I went inside but they have no outlet in the US so I have used sketchup to redesign with a few modifications.