Buying subject - to and acquiring funds for rehab

[Malcolm Brown]

Buying my first property subject- to the existing financing on property. Seller is the executor of original owner and has agreed to allow us to take over payments for 2 - 3  year term. With the loan in place, the seller is asking for some cash at closing. 

Details of the deal: 

 6 bed, 2 full, 2 half bath at 3,154 sqft.

We are planning on converting into a 2 - 1 bedrooms and 1 -2 bedroom apartments, which will yield a monthly income of 3,454 in rent.

Besides dealing with License and inspections for rezoning which is the project for this week, if 3,000 isn't paid to an attorney to handle these affairs, acquiring the funds to complete the rehab will be the next major obstacle. Especially since a bank has a first lien on the property. 

I am looking for any and all advice or recommendations that help us move forward with this project.  Bigger Pockets help