Demoing SFH rental to build MFH/duplex

[Ismail A.]

Hey everyone, Just wanted to start of by saying that this forum rules and that I would appreciate any advice for what to do in my current situation. As of right now I own a SFH rental that has a Mortgage balance of 62k. I pull in 1200 a month for this rental and the mortgage is 725 a month. The lot that the SFH is on is worth more than the house and is zoned for MFH use up to 4 units. I want to tear down the existing home and build a duplex (there are already some new ones on the block). Should I first contact a lender? Find a builder? I’m not totally sure what to do first or even if this is a good idea.