Try like hell for a loan modification, or a refinance with an interest only loan.

Are there any modifications to the written lease?

I used to work for the VA and I know for a fact that the VA loan will allow for additions, if nothing else, for handicap access and disability related navigations of the property, to include stairwell modifications, handrail additions, etc.This is usually only for unique cases of disability though, IE severe injuries and/or disabilities.

They can provide guidance on potential legal options and rights concerning the city’s demands and the lender.Negotiate with the City:Seek Extensions or Variances: Your friend can request an extension on the deadline to comply or apply for variances that might allow the property to meet less stringent requirements.Explore Grants or Subsidies: Check if there are any local, state, or federal grants or subsidies available for renovating older properties, especially those providing low-income housing.Engage with the Lender:Discuss Financial Hardship: Present the case to the lender, explaining the situation and the financial hardship imposed by the new building codes.Propose a Loan Modification: Suggest modifying the loan terms, such as extending the loan period, reducing interest rates, or even deferring payments temporarily.Negotiate a Short Sale: If the property must be demolished and rebuilt, your friend can discuss the possibility of a short sale where the lender agrees to accept less than the owed amount to avoid foreclosure.Explore Refinance or New Loans:Seek New Financing Options: Look for other financial institutions or private lenders willing to provide financing for renovation or rebuilding.

This means that your monthly rental revenue should ideally equal at least one percent of the whole cost of the property, which includes the purchase price as well as any necessary modifications.

And we are in a market where we have 9 renters competing for one apartment, so I would not worry about 60 days.But, be careful with modifications.

TENANT:  Oh, I wanted to make it a 2-bedroom apartment.ME:  --Biggest facepalm ever-- You need to contact us before you do any sort of modifications to your apartment.TENANT:  Oh, I didn't know that.ME: My manager will contact you on Monday.Needless to say, she probably won't be staying very long...

In order to increase cash flow, you might suggest a shorter purchase price or a longer-term financing plan because the house is ready to move into and doesn't require any modifications.

Hi David, the inspector found evidence in the attic and modifications/repairs to the framing.

You need to make sure the policy/coverage you get is designed for this use and not a standard homeownes policy.The Lawyer and the town can give you an idea of the Modifications you may be required to make due to:- ADA compliance- Fire Code Compliance- other Laws/Ordiances that may be triggered when you move away from a Residential to a Commercial exposure