If so, that would be a major negative for many reasons...Have you fully determined the appetite among owner-occupants for a pre-rehab house needing $35K in renovations?

Some commercial lenders may have appetite for it as well, but we haven’t gone that route yet.

Any appetite for renovations? 

Needless to say my appetite for real estate was completely sated and I just wanted this to be over, every call I got from my attorney would ruin my day with yet another setback or delay.Finally, one fine spring day, my attorney called saying he just happened to drive by my place and notice the door was wide open.

But you need to look at your cash flow after the second purchase is complete and your appetite for risk.

Call and ask if they have an appetite for what you want to do. 

Banks, credit unions, funds, life insurance companies, and other non-bank lenders all have different appetites for deals at different points in time.

But the appetite of growing investors is insatiable..

With retail centers in a state of flux right now with current and ongoing Covid workouts lenders do not have much appetite for those properties.The fact the properties are paid off is great.

The the variable I dont now is that 3+ units require Fire suppression, as well as stamped engineered prints in many municipalities, as well as added municipal hook up and impact fees. first you need to research the government fees, and what they will require of you, it is not unreasonable to have $10-20K spent before the first scoop of dirt is dug, Even a SFR where I am building I spent $6K in permits, surveys, and plans, the plans were the cheap part at $1,100