Using Cash-Out to Buy, Reno and Lend

[Bobbi Casalino]

Where I'm at today:

A) getting 1.2m cash-out of my 8 family in Brooklyn, at 5.75/ 30 year adjustable with $60k in closing costs (NYC Mtge tax is 2.8% so that's 33,400 right there). ** How's that sound? Are there better terms?

B) lending 500k of that 1.2m to the seller of:

C) a 2 family I'll be leasing with option to buy in 5 years for 1.5m. (We'll subtract the balance from the 1.5 - will bring it down to about 1m)

D) I will restructure the property from 2 to 3 apts, potential 9k/mo rental income after reno. 4 mos with no income?

E) thinking 4 mos and 300k for reno

F) I will have 700k to lend (PML) and invest

I'd really be grateful for your feedback, suggestions and recommendations for NYC attorneys and other. As complex as this deal is, the most difficult thing is finding capable, smart people, esp, an attorney. Hoping to find an attorney experienced in 

        1) Executory/Lease-Option, 

        2) Mortgage/Promissory Note, 

        3) Private Money Lending

. 4) LLC