Now my dad owns his life estate portion plus the remaindership portion from my brother.  

Finding a PMC before you go under contract is vital because they will understand the rental market better than any agent - pricing, areas, types of properties that rent better, amenities, etc.

Portions of car and truck payments, gas, insurance, repairs, maintenance, even 50% of meals get written off our income just to name a few.Leverage is always the way to go to maximize your return on cash-flowing investments.All the best!

Offer to let them out of the lease, refund the deposit, refund the unused portion of rent, or whatever.

Maybe it would be a good idea to break the project down in phases and hire out a smaller portion he can or should be able to reasonably handle in a time frame that makes sense for you.

Here's an overview: TRADE AREA - 3 Mile Radius• 12 traditional facilities• 864,595 net rentable sq ft• 41,175 sq ft climate-controlled• 823,420 sq ft non-climate-controlled• 21.2 sq ft per capita overall• 1.0 sq ft per capita climate-controlled• 20.2 sq ft per capita non-climate- controlled• No boat and RV specialty facilities (although, all the facilities in the area have a portion of space designated for this and are usually maxed out)DEMOGRAPHICS - 3 Mile Radius• 40,786 population• 2.0% one-year population growth• 6.3% three-year population growth• 12,869 households• 37% renters• 26% multi-family• $44,627 median HH income• $123,150 median house value ($267,836 county)YELLOW LIGHTPros:• Climate control likelyundersupplied• Population growth is great• Good number of renters goodfor turnover and raising prices• Opportunity for boat and RVstorageCons:• Market may at equilibrium oroversupplied with additionaldevelopment• 2 facilities built in 2018 may stillbe in lease-up (yellow dots)• Low median house value andhousehold income - (This seems incorrect.

It is a 24,000sf structure with the ability to add an additional 6,000sf of interior space through a currently unused portion of the building. 

For it to go from just my mom in 22 to my mom and my sister in 23 would mean my mom would have had to have sold her a portion.

@Rodney MillerYour math is incorrect.The leveraged portion of gross income is considered UDFI and therefore taxable. 

Currently under contract for a large off-market residential property.Quick details: 4,200+ sqft 12bed / 5bath (2 kitchens) (No a flood zone)(Light - Medium rehab / rent-by-the-room play)My partner has been a PM in this community for 20+ years and is highly confident in this deal (as am I).The current issue is, we aren't confident the property can close with a bank due to a few seller complications.( ^Very long story, but if you want to hear it I will tell you haha)We're looking to over-raise about $335k ($255k purchase and $80k for the rehab).But we (and our contractors) know the rehab portion will come in a bit lower.Can anyone point me in the right direction?