The indoor malls that simply offered shopping and a food court are the ones dying off.I've seen some malls be demolished and replaced with high-density single family developments. 

With fees doubling and competition heating up, you might want to rethink this investment.

Even with multiple units, with current interest rates and a competitive market (prices have continued to rise even with higher interest rates) think the Madison market is a stronger long term ownership strategy, where the bulk of your return will come when you sell from appreciation in rents and property value. 

I offered a price based on repair costs and a sale price they could get if they fixed it up (retail). 

The problem (as you have cited) is trying to understand what you need (you don't know what you don't know), where to get it, qualifying its source(s), and the validity and usefulness of all that.Pardon me if I've gone into this too much, but I meet many people with the same concerns that you are voicing and this is offered, as much as possible in direct response to your post.Please feel free to contact me if you have any comments or questions. 

I've done a local renovation and I wouldn't do a BRRRR in Indy after a few attempted offers. 

Others are responsible with their budget and can stretch a dollar.If they are excellent renters, I would offer them the option to renew and let them make the choice.

Hi Marc, I think everybody offered some great feedback. 

Some insurance companies offer policies specifically designed for owner-occupied multifamily properties, so it’s worth asking about that option.The key is ensuring both your personal residence and the rental unit are adequately covered.

+I've researched something called an FHA Construction loan in terms of financing this project, but it seems that most large banks don't offer that product.