Out our way our connection fees and building permits alone are 40 to 80k per lot.. thats one reason West coast is so high not to mention the lots sell for 150 to 250k each so your at 200 to 300k before you put a spade in the ground and turn dirt.. 

@Bryson Williams look up the rules for your state, in Virginia, if you own the property you can pull your own building permits and do your own work, this includes the mechanicals .

From there you can submit plans/permits, and from there you can begin your rehab.

Rockaway Beach has made consistent appearances on many top beach STR investment lists due to a balanced price to ROI ratio (and majestic destination) with a historically a low barrier to an STR permit.

If the law permitted, I'd have them out immediately.

@Aubrey Ford If the Zoning permit for the basement unit was never pulled you can either just apply for it yourself or hire someone to apply for it for you.

(Linked for free use as well) Thank you in advance. https://www.icloud.com/numbers/001gDqWRq6WawXhBzkGU0fOpg#Dup...20%-15% land accusation50% construction 25%-30% sweat equity- Permits What is the laundry list of permits needed to to get started with a new construction duplex? 

Loan should be CTC within a week of contract and investors enjoying the property and filing their STR permit application for Summer..Rate on a 30 year fixed was in the high 6%'s...big job's report tomorrow that could accelerate rate cuts..stay tuned! 

The way to mitigate this risk is by getting a permit to legalize the unit(which may be a bit more difficult) or duplex the unit with digging down the basement to be in compliance with zoning and building codes. 

I mistypeCurrent loan is 420k and Value is 545k.It's a permitted detached garage that I want to turn into ADU.