@Wayne Brooks, I know they can’t give a detailed bid, I’ve walked them through the property and showed them the general idea of our plans, and asked them to come up with a 10% variable budget (i.e. 100k +/- 10%).

So the biggest variable for you is the rehab cost.

For NOO properties, the max LTV on a cash out is 70%For your OO property, you could do a cash out refi, but that will require 1 more year of occupancy.You could also do a HELOC on your OO place up to 90% LTV but that is a variable rate loan 

Another variable to consider!

Hi @Micquel Bernier,There are too many missing variables to really answer that question.

Your variable costs are associated with the repairs and that depends on the project.

There are a few variables to address, but use your best judgement and make sure you have a real estate attorney do all of the paperwork for the sub 2 close and installing the lease option buyer.

Lots of variables, but other than rental rates if your home is the same size, condition, location and price range as the apartments, I think you'll do just fine. 

Your property appears a little unique due to size but you should be able to get a ballpark range.When does the ARM reset to variable?

The other 1/2 will be variable with 5 year loan terms.