Possible to maybe build one similar to this with an add on for small business owners and REI's. https://docs.google.com/spreadsheets/d/1xYOKT2eNS588cj6_8jVv2vobAfAhCVUd/htmlview#gid=1221524195

Did you know the seller previously or did you have to build a rapport with them in order to do this?

I worked with an agent who was okay but I became an agent myself because I became so interested in the industry and want to help other people build wealth and become investors themselves.

The rent from the other units will allow your to purchase a more expensive property than you could on your own, which could help you build the value of your portfolio (and equity) faster. 

In Jersey City rent control only applies to older building that are 5 units or more not new construction.

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

On paper some of these buildings had amazing metrics, excellent cash on cash returns, cap rates, etc, but when I looked at the buildings I found the neighborhoods were rough, there was poor management in place, there was lots of deferred maintenance to address.

Quote from @Jaycee Greene: Quote from @Jamie Parker: @David Mares The short answer is to build and develop the area.

I studied RE development and investment for my MBA, I am the building inspector for the town where I live and I worked as a contractor before switching to only working on my own deals.

Points I can roll into the cost and don't mind a buy down if necessary.My primary concern is the bleed rate monthly for the build, Airbnb stabilization and the year after while we season it and prep for final financing for long term hold.