I can't tell you how many properties have units easily convertible from 1 bedroom to 2 bedroom units, units with favorable dimensional standards which can boost rents with no photos to showcase these attributes, assessment square footage that is not correct,  upgrades not identified in the marketing materials etc.

Starting March 2025, Freddie Mac and Fannie Mae will enforce new lease standards for multifamily properties seeking financing, aiming to bolster tenant protections.

@Frank Rolfe's Mobile Home Park Bootcamp is the gold standard!

You are "off their standard checklist", and unfortunately most bankers have no idea what to do when that happens.The end result is that you get to educate your banker on what you need.  

Keep in mind the foundation is not the only issue, when there is foundation issues there is usually other internal issues that go along with it, (wall separation, Possible broken pipes, floors etc) so give yourself plenty of wiggle room for repairs.

Internalizing and reproducing this info can easily make one an expert. 

We are at $21 SF, internally we see that as fair market value.

Hey Jake, If your exit strategy is to pay off the balance asap, I would advise doing a HELOC.But I would consider a traditional refinance if you do not have an exit strategy lined up to pay the balance off immediately  and your blended rate (1st + 2nd Mortgage) is significantly higher than a standard cash out refinance. 

Perhaps for your first rehab ride, you find the deal, you earn a fee by letting someone else fund it, and simply be an "intern" on the first deal.

@Rob Ibarra Converting non restaurant space into restaurant space can be fairly costly from what I understand due to the need for larger than standard water lines to service the building and a general need for grease traps and other restaurant specific infrastructure.My first question around going from abandoned auto shop to kitchen is zoning, could you even get the use approved, and then are their any environmental factors in play?