We are converting to REIT status.Thomas Cali 

We are planning on 'saving him' for when we might identify another porperty at say an auction where we need funds ASAP and can then refinance to pay it off.The other restrictions that I have found from the big national guys is that  they dont like to lend under 50K, require 30-40% or more down, dont like building pre 1950s or so, and dont like houses that have been converted to multifamily - they in essnece want a property that is easy to sell if they have to foreclose since that one property is their only recourse.Hope that helps a little. 

I believe you're planning to convert the basement, which may keep your costs down, but have you planned for permits with whatever troubles that come with inspectors that just won't leave to do what you want to do?

When you give someone an inch, it's very difficult to take it back.

Hi All!So I'm looking at whether I want to buy this apartment building or not and so far most of the recently sold units were condos. I'm wondering what the value comparison is for this 3 unit multifamily is...Say we ...

Your financials are too tight to not have predictable cash flows on this property.You also could lose the home sale exclusion if you convert your former residence to a rental.  

Replacing all light fixtures, faucets, doors, door knobs, ceiling fans, every inch of wall was repainted, all moulding from brown to white, new laminate flooring through the whole first floor and vinyl in the bathrooms, repainted the deck, and really landscaped outside, as well as a brand new porch.

Which inspired me to converted one of my rental and do airbnb in San Diego since Nov 2018.

I think a lot of the neighborhoods are mostly single family homes and the rentals are more apartment complexes instead of  duplexes/triplexes that were built or converted & split from single family homes. 

The other duplex is a modular home converted into a duplex.