Additionally, in the R-7 and R-8 Zoning Districts, you need a Conditional Use Ordinance from the City Council to authorize the conversion.

That way you can renovate it after closing and gain some additional equity.

In addition, committing ~ $200K requires some level of sophistication on the part of the investor and you are more likely to find someone to agree to your terms in smaller transaction sizes, but even that will be difficult. 

I want to refurbish the entire house, including a complete kitchen and baths renovation, add an addition on the east side, new roof and siding, new flooring everywhere, paint inside and out"Then ask the GC to go over and put this into a more formal document.

The third, I think I will break even or small profit, but it will be on the longer end of the hold, like 7+ yrs overall.I have not had any additional capital calls.

In terms of the down payment, that 75,000 includes all of the additional fees and associated costs and such as well.

We didn't need to rehab except for a couple units when they became empty and we used cash flow (so no additional capital needed).The rents are now $10,700/mo and we are cash flowing well. 

Hello 👋 I’m so happy to join this forum, heard a lot about it on BP podcasts, I’m new to real estate and would love to connect with you all, share valuable information and insights and also grow together.

Thank you for the additional info.

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.