Purchase price: $1,150,000 Cash invested: $300,000Built in 1890, this Old Victorian was converted into a duplex in the 70's by a talented architect who made some unique and extraordinary custom design choices (read Vaulted Sunlights) that make this property truly one of a kind.

However, the big capital requirement I can think of is that landlords often pay for tenant improvements, meaning they bring in architects and contractors to build out the space for the specific tenant. 

As an Architect, I have rarely submitted a zoning certificate to prove legal number of units.

b) Do you already have a permit and drawings/plans...architect & engineer?

Also, maybe important players such as the architect, contractor, and others should be investors in the project, believers in the vision and they’ll have skin in the game so the product will be made well.2.

So this can cost tens if not hundreds of thousands before you even break ground on building.Id get a great local realtor, a lender who specializes in these types of new con projects, an architect, an engineer, a builder/contractor who has the skills for a project like this, become close with the zoning department, the planning and building departments, the inspectors, and all your neighbors so you can have people on your team as you embark on this journey.

I only worked for homeowners, through either my own advertising, word of mouth, or architects I worked for. 

A whole lot of rehab and a good architect.

Plus post a list of questions of exactly what you need help with.Also, generally speaking, if you have a good general contractor, architect, and designer they should be able to guide you through the process.If you would really prefer more personalized guidance, shoot me a PM.

My wife and I still work W-2s (architect and executive assistant) and plan to do so for a while.