It's an innovative program, but seems like an over-complicated solution rather than just waiting for the moratoriums to be lifted and proceed was foreclosures and evictions.

I worked with developers and contractors for many years and the best way I saw this type of situation proceed was for the individual to partner with a mass homebuilder - depends on how big the property is - and also partner with a GC to install the infrastructure to the specs of the homebuilder.

Proceed with caution. 

My understanding is that interest on a loan is a business expense against a property purchased with the proceeds of that loan, regardless of what asset the loan is against.

When we create our business plan, we also include our exit plan.We'll only proceed if we can clean this up, acquire new tenants at higher rents so we can increase our NOI, which in turn should reflect our cap rate and profits.Since this asset class is new to us we will tread cautiously.Scheduled to preview tomorrow. 

If the market value mentioned above is accurate and the “initial” loan balance hasn’t increased by rehab funding, I wrote above that the proceeds are just a couple million after closing costs and commissions.

Call the zoning department again, and this time ask specific questions: Is a variance required, or can you proceed as-is?

(and be able to buy themselves a new Porsche with the proceeds)Just more Red Tape!

But as often happens, a certain percentage of my investments “go off the rails”, in other words don’t proceed as planned.  

They will advise you on how to proceed with your proposed ADU given your site-specific situation.For a condensed roadmap to building an ADU provided by wake county, use this link: Click Here