Quote from @Kelvin Lee: After American Family dropped my multi-family coverage, I’m still struggling to find a carrier for my 1969-built apartment, with only three weeks left before the current policies expires.

This would be my first property that requires renovation.

I'm about 2 years into this "helper role" or "apprentice" role if you will and I'm starting to take on larger and larger roles and run my own deals.  

. ($150k down, 5 year seller financing.) my point being you may get $20-$40k more in a year if you don’t need to sell. 

I plan to simply get my permits and get the unit built.

@Marcus AuerbachHey Marcus, my RE estate agent says it's worth around 600k based on the comps.

My guess would be that the Mortgagee would be first Leinholder and you would be second.

Learned a $60,000 lesson this way on my first house.

In my capacity in property management in the Chattanooga area, I work with quite a few brokerages and am more than happy to give you my perspective!

It was a full-time job to manage my property manager here--and a good thing I did because the mistakes (often involving them wasting my money) just kept piling up.