The land is mostly forested with a year-round stream running through it - it's beautiful and private and was largely unaffected by the recent floods as it sits high up and consists of large hills.

They are beautiful to look at  Because of a shoreline act passed it is impossible to change their footprint because some these would not be allowed to be built on today. 

Awesome :D Congratulations...she's a beauty!

Thank God we are not living those times any more.It seems that you are a  young person, so naturally, you may be comparing the rates you were recently quoted to the rates of January 2021.

To me this makes little sense if you can get subsidized loans (meaning qualifying for Fannie Mae, NOO rentals) because 1) LOCs are short term debt and rentals are typically held longer term and 2) there is no guarantee the LOC wouldn't be called due by the lender... that's the nature of credit instruments. 

There are certainly people who skirt the rules by not disclosing the nature of the downpayment money or where it comes from but it seems like your partner is doing this the right way.

People should see your photos and go wow that's beautiful.

Months and months and months of looking for deals and one beautiful Sunday morning this property popped up on my RE Agent CRMLS feed.

Since last year of November, Fannie and Freddie has allowed borrowers to put min 5% down for conventional loans and being able to invest multifamily up to 4units.Also, the beauty of FHA is that it allows you to put 3.5% down payment to invest in 1-4 units.

I think its going to just take some time for the end buyers in the chain (the people responsible for buying the MBS through the whole process - generally banks, insurance cos, pension funds) - by nature are very conservative and slow to adopt to new things like SRO.Its a tough situation because the message a lot of times ends up being "rent it out traditionally on a single lease since thats more conservative" yet they are out of touch with investors who can only cash flow in this current environment with creative solutions such as rent by room, etc.