Hi, I am actively looking and putting offers for my first rental property, I just saw a townhome that I like from the 70's that needs some rehab, and a few blocks from it there is new development offering same type of...

Does anyone know if applying for 2 existing apartments on 2nd and  3rd floor with commercial space on ground floor in CMX4  zoning requires fire sprinkler system if no construction is needed? 

Looking ahead, have a knowledgeable mentor, investor or inspector look at some of these properties, ideally with you in person.  

I see others in my industry that borrower construction money from the wrong lenders because they thought they were getting the best rates etc and first little hiccup and those lenders put the screws to the borrower.. 

I've looked at the AirDNA data and Rentometer but there isn't much data in my area for that size of a home, new construction that people are renting in the luxury space as it's nearly a $2M spec.

I would do a HELOC, because if you don't want to take the money out you don't have to pay the interest, on a home equity Loan, the full amount is going to be advanced when the loan funds, and you will pay finance charges on the whole amount.We do investment loans on new construction, Typically we can do 60% of the land costs, and up to 100% of the vertical construction, not to exceed 85% of the Costs.Thanks,Dustin

Also a loan on a new construction home converted to a mortgage.

I am totally open to ideas and constructive criticism as I stated I am new to this and would like to learn from all of you experts:) Thank you so much in advance!

For example: Say I could pickup a new construction townhome right now, at $325k.

Using the 50% rule (taxes, insurance, Capex, maintenance, vacancies, property-management), that should give us ~19K/month in pre-tax profits that achieves our 10k/month financial goal after-tax and adjusting for inflation.Our assumption is that building new-construction would reduce capex & maintenance the first few years.