I agree local institutions are a good starting point for financing needs like this, but I'd expect the bankers will be unfamiliar with the STR opportunities in the market.

I really learned a lot (this was my expectation). 

Costs may disqualify the opportunity even though in theory it can be converted.I believe its important to set expectations and if this is an 8 bedroom RSA5 home just as an example you very well could be looking at a building that's obsolete and again even if it is RM1, depending on the costs of the conversion, still potentially obsolete.

t=3243&highlight=Posted: Thu Jul 13, 2006 9:22 am Personally i would take a few BASIC steps, and one of them is NOT "just buying the land and hoping to get zoning and a LDP for I want"1.

@Craig Curelop is a great resource to assist with this as he is in Denver and wrote the book on house hacking for BP.You are a little numbers heavy vs. expectations meaning that it seems like you are really counting on these numbers to work and they could be tight which can be scary for a first property.

According to them, they definitely did not get what they were expecting from Karim once they signed on.

If the break-even point is within your expected time frame of holding the mortgage, it may be a good move.9.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

There are three items required to make a successful partnership - Time, Experience, Capital.If you are a syndicator, you are likely expected to have time and experience.There is a lot that goes into being a competent syndicator - Proper communications, finding a good deal, communicating quarterly updates, networking with lenders, contractors, PM companies.You can gain experience by doing your own deals or working for someone who does(Ideally both).I personally think you should cement your experience before worrying about OPM.Best of luck

One went for over what I expect a wholesaler would have sold.