Hey BP family, I'm currently trying to help out a family in need from having to foreclose on there property by taking over subject to, it has a high interest rate although the entry is around 20k I want to wholesale this ultimately Is it possible for me, to disregard my initial assignment fee to get a buyer asap and add a 2nd lien on the property as my fee? 

I got the property off-market for $250k from a trusted family friend.

Then ask them what your options are to reduce payments in the future.

I was planning on shorter term rentals as I have a family member who comes for 2 months in the summer, but I assume a landlord policy would cover that as well.   

If you're talking about single family homes/ duplexes etc. the neighborhood it's in will generally give you the risk profile.Hope this helps.

They realize the due on sale clause could get exercised and believe the risk is justified by the reduced rate.

My question is, do I just use the heavily reduced price I was able to purchase it for since it was vacant, and then the material cost of what I renovated plus what things I did contract out, even though that basis would be way under what the other renovated houses that sold near me per SF sold at, or are you able to use similar comps to determine the depreciation basis?

Just got off the phone with the zoning guy and he said since both of my lots pre-date the zoning regulations in the city, they're grandfathered in so-to-speak, which means I am able to build a single family on each one!

I own single family homes but would love to venture into a multi fam…Thank you ! 

Currently I work as a Project Supervisor, we do rehab in multi-family units.