Student Housing Opportunity but No Funding?

[Janiece DeFreitas]

Background: I'm literally only gathering insight at this point. No communication or deep vetting of the property has been performed yet, since without money, the deal is a lost cause anyway. I currently own a primary SFH with plans of moving within the year. The plan is to set aside a portion of the equity from the sale to invest in a multifamily property.

Opportunity: There is an old outdated building near a college campus that has been rezoned/approved for student housing 20+ rooms. The monthly estimated rent would be about $2000k/room. I think this is a super unique opportunity. If the property is being sold for 400k (and I can afford the 20% down) but another 800k min needed for a complete renovation (my personal rough estimate), can I take out a traditional business loan to cover the rest, if I were to purchase in my LLC? Not sure how else I'd afford the combined million dollar price tag otherwise.