I've been researching, going to meeting, living/breathing real estate for the last year, and I've been looking for my first investment.

Now I'm looking to find a 100 plus doors to take to the studs, and breath some new life into yet another classic property!!!

The other listing similarly shows a nice, recently constructed home from the outside that needs to be completely gutted to the rafters to remediate the extreme mold on the inside (bring your breathing mask!).

Although yes it is not simple and like any tax saving strategies you need a prudent accountant and tax adviser, I would never recommend someone try that on their own.In the same breath to contribute to the conversation about mortgage insurance premiums, I leave it to circumstance.

From the manufacturer these typically come with the pink insulation and then either a plastic or mesh "underbelly" to keep out rodents and serve as a barrier.In the south we don't like breathing between the underbelly and subfloor due to heat rising and to support ventilation, but in the north they have a mesh to allow for the opposite.  

Will I ever stop seeking, living and breathing real estate? 

Someone mentioned a 4000 sq ft footprint.Get the architect to do a real quick basic design.The architect can then do an estimate on live and dead load.Then do a boring on site with the geotech to make sure the soil condition can support the building.If you are lucky, no special site prep is required.If soil condition isn’t ideal, then prepare to spend money on driving piles or other types of site prep to support the building.Once you have these basic information, then you know you have a technically feasible 12 apartment building.A couple days of feasibility study won’t cut it.The geotech information will be given to civil engineer and structural engineer.They will design the proper foundation.Structural engineer will design the load bearing structures.I personally like steel beam construction and concrete but they are more expensive.Civil and structural will work to design to seismic codes.Mechanical engineer will do the plumbing and HVAC.Buildings need to breathe or they’ll rot from within.Electrical engineer will design the power distribution with appropriate protection circuits.Mechanical engineer will need to spend time to research and work on sewer connection to city or county sewer lines.If design requires digging up a public road for a tie in, it’s on your dime.There is a basic connection charge to tie in your sewer line.Check with city of Bellevue on which IBC they are using.

Best advice I can give is to screen thoroughly on the front end, if the house sits vacant for one or two extra weeks because you don't just take the first breathing person and hold out for the ideal applicant, well worth it in the long run.Best of luck!

It was breath-taking.Have you ever mistaken a buzzard for an eagle?

Nathan:An exception I will present to @Samuel Sedore's post above would be if you anticipate a large increase in valuation in one or more properties (i.e. you are buying a dump and breathing life back into it) between the time you acquire it and when you would be transferring it into a Corporation.