You need to minimize upfront expenses because 100% of your investment is at risk and lost if the lot is not buildable.My favorite strategy is to locate the property and tie it up for usually no more than $100 for a period of 8-12 months, analyze it myself and if I believe it to have a chance at being buildable I create a permitting plan and market the property to other investors/builders willing to take on the permitting risk.  

It would be nice if you had a contact who was an actual mason not a marketer.  1930's construction is rare so maybe they cut some corners it was a global depression.  

If your market is leaning more towards shorter stays...which does seem to be the current demand nationwide...I would not cut your properties out of that demand!

Those are repairs that we had to pay for, however, and that can cut into your cash flow if these problems occur often.Well maintained equipment is also key.

Those things won't matter if your business crushes it. i feel like it would matter when those things add up and start tearing at ur profit If banking fees cut into your profit, your profit isn't big enough.

@Tom HallAt 7% if you can I would pay it down as investing it net after tax gains may not get you the 7% you are paying - so it’s less riskDownside is you lose liquidity of that money as it’s tied in your propertyIf rates come down in future you can refinance and even take some of the cash out.Regarding your question are rates coming down, a lot of factors come into play but right now it does not appear there will be significant changes to rates over next 3-6 months.

Its ironic Brian and I's backgrounds mirror each other ... other than I am about a decade older LOLWe both have strong North bay Ties..

First step is always to cut the water source and fix the leak asap.

Are you tied specifically to MA or RI? 

I'm not sure what type of property you have, but I find having long-term tenants cuts down on the amount of repairs and definitely will reduce the number of turnovers needed in a given time period.