Frankly $6M of funding for this kind of undertaking seems a bit low.

I wouldn't try to undertake a project like this unless I purchased the house for a very low price.  

After speaking with the folks at the planning department they warned that my desired layout would be quite the undertaking.

BP members, I am looking for some advice on a significant real estate shift that I am looking to undertake.

So to encourage multifamily real estate owners to undertake necessary capital spending, the government permits them to take a depreciation deduction against current income equal to 1/27.5 (or 3.6%) of the building’s value at purchase each year.In other words, even though buildings practically have a limitless useful life, the government allows you to treat a multifamily property as if the property will become obsolete in only 27.5 years.

., requiring notice to vacate the premises at the end of the term, or any renewal thereof, and agrees to give up quiet and peaceful possession at the end of the terms or any renewal term without further notice from the Lessor and further waives all laws now or hereafter in force exempting property from liability for rent or for debt.2) Lessor shall undertake all necessary and appropriate repairs and maintenance to maintain the premises during the term of the Lease in the same condition as it was as of te date of the commencement of the Lease.  

But I assume you'll be doing extensive due diligence before you purchase, anyway, so maybe the tenant will  be satisfied if you just share your inspection reports and the building plans, environmental reports, surveys, or whatever else you'll be undertaking anyway. 

@Mike D'Arrigo I understand it would be a big undertaking for my first property, however if all went well I think I  would create more financing options and leverage for my future deals.

What is the one thing that contributed most to your success in your undertaking?

Our firm only works on an exclusive basis and undertake clients only after an extensive mortgage credit review.