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I have been looking today on the county's zoning website and see that the application alone is about $3,200 and it is a long process. Has anyone done this before. Is it something you can do after you buy a property and how does it affect the mortgage, title etc???

Thanks Rehab702 - So i dont see the benefit of getting the property deeded separately since i would be getting a single loan for the two buildings anyway and they would add up to eight. i do see the benefit however in that i will be able to sell them separately if deeded separately. Could someone address the deeding process.....thanks

I have been looking at a number of multi-family units and have found one listed: 2 buildings with 4 units in each building. In discussing with the listing realtor, I was told by the realtor that the building are more valuable separately as 2-four plexes than as one eight plex but that it is not deeded as such. He advised that the owner is willing to hold the property with a down payment if I am willing to pursue the separation of the deeds. Although I am not considering making an offer, I though I could bring this question to the group to learn a little bit more about such.
1. I gather that financing for 4-units and under might qualify for residential while more units might not. What is the difference in this financing?
2. If such building are to be deeded separately - what is the process and who should be responsible for it?
3. Assuming that i purchased such a single deeded eight plex - could i then accomplish the separation of the deeds such that i could sell them off separately?

Thanks folks.

Thanks Wheatie. Great information.

GREAT THANKS SO FAR.

I have been reading and learning about real estate investment for the last couple of months on this site - Amazing information. I trying to identify properties that i would like to make offers on. I have been eyeing one property since December - bank owned - asking $93000. My questions centers around the fact that the home was built in 1986 and has a WELL and SEPTIC TANK. (I am assuming that at that time the location of the home was on the outskirts of the city limit (Charlotte) and did not have access to city services. However, currently there are multiple new subdivisions all around and city water and sewer are available. I think the home is much more marketable with city services and frankly I dont think I would make an offer if I determine that the coversion is not feasible for me. I am wondering if anyone has coverted a home like this to City services and what is the cost in doing it? Who should I be talking with - the city? Any insights on this issue will help.

Has anyone heard about the John Beck Free and Clear Real Estate System? This system has to do with Tax sale? I just watch an informercial which indicated that you can by properties seized by government for non payment of taxes by paying the outstanding taxes. He is selling his program for $39.95. Has anyone purchased it or does anyone have any information about the system? Or does anyone have information about these tax sale properties?

Has anyone used HML who can offer some advice. I am planning my launch soon and have been researching them: most seem to offer 6-12mths loans - points about 6% - some even required the use of thier services for appraisal and closing etc. Are you satisfied with the one you have used - please offer recommendations. Any advice on these guys: Rehab Funding
http://www.rehabfunding.com/

How do you get around the seasoning requirements - since the idea is trying to off load the property as quickly as possible? Can you do a shorterm Lease option, collect a large down payment and have the prospective buyers move into the house while the loan process is trodding along?

Who has a list of lenders who do not require seasoning?

Thanks Noobdog for the advice - i see that i was not quite clear about the financing. This is what i meant.
I will purchase the house outright ( low value house) and hence will have no mortgage on it.
I will find a buyer and have them accessed by my mortgage broker to determine what they need to do to be able to purchase a home on their own including saving and credit repair.
Based on the prospect I will sell it to them and the financing - buyer pays small down payment and i do the loan for 10 years.
During the next two years I will work with my mortgage broker to get the buyer in the position to refinance the property so that I can get my money out. (So Noobdog, the refinance is the doing of the buyer).
I dont want to tie up my finance for too long and I think I will get rid of the house quicker if the prospective buyer sees that they can get the tax benefits (as oppose to a lease option). And because I will be doing this with only houses that I purchase for under $20,000, I might get a better return on my money.

Now I have a couple of questions:
1. I have an LLC set up for real estate investment - can I finance a house for a buyer (do the regular 10 yr amortization) collect the interest and provide the buyer with the tax form for interest payment at the end of the year or will i need to set up a separate finance company?
2. Does any one know a good real estate lawer in NC that could help me?

THANKS