You get an insurance quote, an inspection, and pay for the appraisal.Lender might need appraiser to complete a rental survey, which you also pay for.

Hey BP community,Can you help me out & take this quick anonymous survey?

In order to create a 4th unit, it would be an extensive process that would require you to go through the zoning process (which would require you getting architectural plans, hiring a zoning attorney, getting land surveying, then going abutter and community meetings etc). 

If yes, you will need the land surveyed to find lot lines and see whats possible to build. 

That's awesome, a 24-unit could be a game changer for passive income.I can send you a due diligence checklist our team put together for multifamily and that might be really helpful for you (if anyone else is interested, I am happy to share with anyone who would like to see it).Here are good documents to gather / steps to complete during the due diligence process:- Appraisals- As-built construction documents (see what the build quality is and set up for electrical, HVAC, etc)- Easements- Encumbrances- Environmental reports and related correspondence- Government notices- Leases (with rent roll to verify)- Photographs - insist on looking at EVERY unit, otherwise you'll only see the ones the seller wants you to see- Previous site plans- Property surveys- Recent tax bills (can call the county to ask for an estimate on tax bills after sale)- Soil reports- Title reports, commitments, and policies- Zoning documents- Any other legal documents of significance that the seller has

Get the leases, 12 months bank statements from seller showing they are paying, survey what rents are advertised in the neighborhood for similar bedroom and bath count, square footage, and 4 plex not single family.You say you want to refinance soon after when you believe rates will fall..

That's a great place to survey other investors and see who they use. 

I'm considering the same strategy as @Brittney Wilson-Murray in the City of LA and am curious if anyone has knowledge of the costs of all the surveys, geological reports, permits, city fees, etc. that are required to build. 

I imagine if the zoning allows for a duplex then all you would need is a survey, new deeds created, and a party wall agreement?

I have been down here for 10 years now working as a survey analyst.