As far as renting out rooms, that would probably be the most feasible option but not going to work for our family (we have three small children thank G-D)Would love to hear if you have any suggestions!

Thanks for sharing so that others can learn from your experience.As far as the appraisal, were you present when the appraiser walked the property?

I am in a similar position of wanting to cashout refi a sub2; title is in an LLC but I actually have been living here for 12 months now and as far as making payments, the LLC has been paying the mortgage since 2016.

I've read they're fast and don't really require much information as far as my personal finances and dti.

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

Hey Everyone, thanks so much for all the advice, this is so helpful.

I feel like there are no formal "development" education or training resources available and existing developers are reluctant to meet for coffee or provide guidance (which is so surprising to me given the lack of supply.

You do the math as far as what the actual annual gain is.

As far as the tiny home and rv comment a lot of the county's here have or are discussing banning of tiny homes I know my county has a restriction in place for tiny homes and rv's on a piece of land.

That got me thinking I've dropped a decent amount of money thus far with not much to show for it as far as I can tell plus I don't really have an understanding of what exactly is being done.