That vintage of a building you would need to really look closely at all life expectancies.I can tell you from listing property and selling as a commercial short sale what generally happens is this.I find owners that are upside down in debt service are treading water.Even if they own other buildings if they were all bought during the boom times they don't give out enough money to break even.If you purchased more buildings during earlier years the debt service and properties are most likely not upside down.Older buildings like that need constant repairs over new product.What most owners do is the bare minimum of patch and paste to keep cash flow going.I would want to see the rental history of how long the tenants have been there.Asbestos is a biggie and so is lead paint.When you turn a unit meeting the new EPA lead certified rules cost a bunch more money and you have to use certified contractors.So during due diligence I would get testing done to really see what I am up against.Land was more plentiful back in the 60's and development was more spread out.Landscapes change over time so if this property has a nice chunk of land it sits on you might be primed for redevelopment as a value play down the road.Seller paid utilities are a killer and all my investors hyper focus on it for multifamily as they see it eating into their bottom line.They see if they are holding ten years and have 5 year financing what happens when utilities skyrocket and they have to refi into a higher percentage rate loan.They will get squeezed from both ends.If they get hit with heavy repairs and turn rates they will get hit from 4 different angles.These are the items on my investors minds that buy into the hundreds of units at a time down to 20 to 30 units.Most do not like to go real small as the financing is harder to obtain as many commercial lenders do not play in the smaller space.The bank wanting to finance the deal sound like a small to mid size bank.They want a higher price of course to preserve margins and losses to the books.Bigger banks usually just want to shred the price and sell cheap to get it off the books at all costs because of the large volume of new loans they are doing they are better underwritten.Remember future repairs on older vintage buildings will eat you alive for cash flow.Also it might be a C age building today but when you sell will be a D age.On exit you have to plan on selling for a higher CAP to compensate.If the market is stronger then great but if it's not your plan and expected returns will be inline with each other.Hope it helps.

It's probably worth a short consultation with a lawyer to determine if you need to file, by what date, and what rights you would expect to preserve.

Brandon Leske Hybrid Construction LLC Commercial - Residential - Remodel - REO Property Preservation P: 813-300-8019 F: 813-489-2524 [email protected] CGC 1515916 www.hybridgc.com

Therefore, to preserve the composition of the rental market, the exemption is limited to current owner-occupied duplexes that were owner-occupied at the beginning of rent control.

To me, the loan is secondary to the strategy, and I'd really think hard about that strategy - just to preserve your sanity.Wish you the BEST!

Banks frequently have property preservation companies check on houses that are delinquent.

I own 3 properties built between 1890-1920 (as is most of the housing stock in my market) none are registered but two are in historic districts and eligible for HTC for certain repairs and fall under less stringent guidelines…if the one was one block south (in a different district) all of the work done would have to be approved by the State Historic Preservation Office.

Some of the highlight of the Historic Tax Credits: the building needs to be eligible or listed on the National Register of Historic Places, the project has to be a substantial renovation (meeting 100% of the basis of the building (building only, not land)), the building needs to be income producing and cannot be sold during the 5 year recapture period (without consequence), all work will need to be reviewed by the State Historic Preservation Office and National Park Service and be in accordance with the Secretary of the Interior Standards for Rehabilitation (which can add time), you can often combine state and federal credits.

Any cash that you want to take out is taken as a Dividend, which is then taxed again at the individual level after it has already been taxed at the corporate level.Finally, any sales gains are taxed at regular corporate income rate, not at the much more favorable capital gains rates for individuals.In a subchapter S Corporation, you can preserve the nature of the transactions similarly to in an LLC and keep deductible passive losses and capital gains, however with an S-Corporation, you have an added layer of needing to pay a shareholder a reasonable salary, so you're adding in payroll tax expenses and a layer of complexity.Additionally, I'm not so sure about your statement of a buyer guaranteeing a loan for the corporation but not having it show up on their credit.  

So, with these being vacant and my company is now the recorded lender, how far can I take a preservation service without violating any regulations?