Multi Family, Multi Parcel, Creative Strategy Guidance
I've got a strategy question for all of you creative RE guru's. I have an idea of what I want to do, but i'm looking for feedback from the best RE forum on the planet!
I'm under contract to purchase a property that has 2 parcels that are next to each other with 3 building total in South Carolina. One parcel has a single family home on it, the other parcel has a single family home and a triplex. The seller is currently just renting them all out. The total package is the in the $400k range and single family homes in good condition in the area are selling in the $180k range. If I purchased the package and just slightly raised the rent, it would be little work and a good return. However, a part of me is thinking to get a little creative.
The SFH home on the parcel with the triplex is in excellent shape and could probably sell for around $180k. I'm thinking to separate that from the triplex and sell it as a standalone to basically get my initial investment back. I'll let the rest of the rentals ride as is essentially. I think I could refi the remaining 2 buildings as well.
Is separating a house like this possible, could there be zoning issues, is it a relatively simple task? Who would I even start talking to, the city?
Has anyone done something like this before and been successful at it? Any suggestions?
Thanks in advance