Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad.

Here are the playersMe - OwnerOG Developer - Original Developer that improved property before I purchasedNew Developer - New Developer currently building a new subdivisionWater District - Own the vacant land that my sewer line runs acrossCity - Well, The cityTimeline:2007 - OG developer purchases large 1 acre lot with an existing house with the intent to subdivide and create a small PUD.2008 - Improvements are made (new street, sewerlines, storm, power, water) are brought into the subdivision. 

Saika  While a permit is a hassle, what happens if there was a fire, it burned down, someone got killed and the fire department was not even aware the unpermitted structure existed.

If you are getting financing, the mortgage company will need to walk the property for an appraisal.

Properties with no mortgage tend to be lawsuit targets. 

Where these numbers are found, there is a very high rate of rent actually being paid.We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, and mortgage industry National footprints.

It's an 860sf unit, so it would be right around the $2.00/sf mark as a LTR, if not a bit higher.I inherited an existing long-term tenant in the first floor apartment, so that unit isn't in nearly as good shape as the fully renovated upstairs unit. 

Our customers typically get a 30 year fixed mortgage with a 20-25% down payment.

(and those numbers probably aren't wrong, but don't exist for many or most.) 

I am currently halfway through a gut rehab on a property which I completely own. I unfortunately self financed so my funds are tied up in this one house.  At this time in the project, is it possible to take out a loan...