Anthony id take your offer on meeting new contractors man are you looking to do more fix and flips?

Always consult an architect or expediter before making an offer.Step 2: Conduct a Full Violation & Permit Search 📋Before buying, research all open violations & permit issues.✅ Check DOB NOW & BIS Systems – Look up the property’s compliance history.✅ Review ECB (Environmental Control Board) Fines – Some violations carry daily penalties.✅ Look for HPD (Housing Preservation & Development) Violations – If the building has tenant complaints, HPD may have issued orders for repairs.✅ Assess FDNY Fire Code Violations – Missing sprinklers, blocked exits, or outdated fire alarms can delay approvals.📌 How to Speed Up the Process:Working with a permit expediter can help clear violations faster, making it easier to close deals and begin renovations sooner.🚨 Red Flag:❌ Buildings with pending lawsuits – Some compliance issues involve legal disputes with the city or tenants.Step 3: Close the Deal & Start the Legalization Process 🏗️Once you acquire the property, the first priority is to resolve violations and legalize any unapproved work.✅ Hire an Architect – Architectural plans must be submitted to the DOB for any structural changes.✅ Expedite Permit Filings – New permits may be required to bring illegal units, extensions, or renovations up to code.✅ Negotiate Fines & Penalties – Some ECB fines can be reduced or dismissed if corrections are made quickly.✅ Apply for Variances (If Needed) – If the building doesn’t comply with current zoning laws, a zoning variance may be required.📌 Why Speed Matters:Multifamily buildings with violations cannot be refinanced or sold easily until compliance issues are resolved.🚨 Red Flag:❌ Delaying compliance work = higher penalties – NYC charges escalating fines for unresolved violations.Step 4: Renovate & Ensure Full Compliance 🔨Once permits are approved, it’s time to start construction and bring the building up to code.✅ Address Safety Issues First – Fire alarms, sprinklers, and structural stability must meet DOB & FDNY regulations.✅ Schedule DOB Inspections – Plumbing, electrical, and mechanical work require multiple approvals before closing permits.✅ Comply with HPD Housing Regulations – If the building has rent-controlled or rent-stabilized tenants, ensure all renovations follow tenant protection laws.📌 Smart Strategy:Renovating to increase unit count (legally) can boost cash flow while fixing violations.🚨 Red Flag:❌ Unauthorized tenant evictions – Rent laws in NYC heavily protect tenants, and improper removals can lead to legal trouble.Step 5: Close Permits, Remove Violations & Secure a Letter of Completion✅Once the work is done, the final step is closing out permits & obtaining a Letter of Completion.✅ Final DOB Inspections – To ensure all corrections meet code.✅ Clear Violations from City Records – DOB, HPD, and ECB must officially dismiss violations.✅ Obtain a Letter of Completion – This proves the building is fully compliant and legally occupied.📌 Why This is Critical:Unresolved violations = major financing & resale issues.

@Skip A Schenker This type of projects takes VISION!

If you're hesitant to take on a long-term loan do the 15 yr. loan in your name because you'll get a best rate.  

It insures all types of risks but does do a nice job with rentals in many markets

Since your name is on the deed, you have a few options to secure financing for the rehab:Home Equity Loan or HELOC – Since the house appraised at $500K and you own it outright, you may be able to take out a home equity loan or a home equity line of credit (HELOC) based on the home's value.

Cash flow might take a bit of a back seat but building a team you can trust and building experience are top priorities in my eyes.

We do have cash available, but with a large amount of equity in our primary residence, we wanted to avoid tapping into that cash to instead take advantage of our equity.

You want to know of any & all problems before spending any additional funds on the property!

I feel confident about making the property cash flow once we get tenants in the home with the co-living strategy, but just covering all my bases, I would feel a lot better with an extra exit strategy of being able to rent the home out the normal way with one tenant.