They also are interest only and carry rates from 9-12% on average, with most hard money loans between 10.99-12% at the moment.

I love that have your mind set on MF but there is no need to go through the headache of zoning, permits, rehab, rehab timeline, carrying costs while you're rehabbing and don't have tenants in there. 

Roofs usually carry no increase on value.  

owner carry How did you add value to the deal?

It's reassuring to realize I'm on the right track, and even more so, to be part of a nurturing community where forming connections with investors and gaining insights from seasoned experts like you is highly valued.

Account Closed Just for giggles, does contract state that the property will be delivered with clear title, except for the mortgage being taken sub to and the seller carry back?

Carry sufficient liability insurance to protect your assets and net worth.

It will cost hundreds of K just to get it operational...Insurance, property taxes, plenty of carry costs

The seller carries a note and mortgage for there security. 

The problem is I cant even come up with ballpark numbers because there are so many variables, but I will give it a shot.Sell as is: $700kCondo conversion: 2 units for total of 1.1M to 1.3MExpenses: 200k-300k for attorney fees and all repairsOpportunity cost(carrying mortgage and delaying debt paydown/investing): 150kCondo conversion profit: $650K To $950kWhat am I missing?