If I see they have 4-6 months of rent in the bank and can obtain a co-signer, I will look past bad credit at times. 

We obtained a hard-money loan from Upright to help us fund this deal.

The client who is the developer and owner can obtain whatever permit necessary.

Combine this househacking with joint venturing on some commercial property around the same market (5-20 units) with a few other investors that compliment your skillset and viola, you will obtain 30-50 units in 3-5 years. 

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

Cash-Out Refinance: If you refinance the property, you can pull out cash based on the equity, which can be used for down payments on BRRRR properties.Collateral for Loans: The farm can be used as collateral for obtaining loans for other investment properties.BRRRR Investments:Immediate Cash Flow: BRRRR properties will likely generate some positive cash flow right away.Faster Turnover: BRRRR allows you to recycle your capital more quickly, aiding rapid portfolio growth.Initial Investment: $60,000 can potentially fund multiple BRRRR properties, providing diversity and multiple income streams.Farm Investment:Emotional Value: Maintaining the farm within the family has intrinsic value that cannot be quantified.Long-Term Appreciation: The farm's value may appreciate significantly over time, providing a substantial future asset.Monthly Cost: The $400 monthly cost needs to be factored into your budget, as it’s a non-cash-flowing asset in the short term.Decision Points:Emotional vs.

I have obtained a copy of a commercial lease and I'm going to review with my lawyer.I've also reviewed the zoning to get a better sense of the potential uses.

As the seller I would pay for the energy audit, do the analysis on the work to be done (cost vs savings) and then market the home with a prepackaged improvement contract that would meet lender guidelines (solar, EE windows, etc). 45 day close to allow for enough time to do loan and obtain permits, occupancy COE+2. 

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.

So in our previous example: $500k purchase, $225k assumable mortgage..the lender might allow the qualified buyer to take over the $225k put $100k down in cash and obtain a second loan for $175k from another lender.