Once that's covered, you can go all-in on those fabulous renovations.Effective marketing plays a pivotal role in attracting tenants and increasing property appeal.

If it's a long-term play, the potential savings on PMI with a conventional loan could be significant.Have you compared rates for both options?

This could be an awesome play..

When you go to sell, Montvale requires a certificate of occupancy so this issue has to be resolved in advance of a sale.Although I am not a lender, I assume you will not be approved for an owner-occupied mortgage on 5-units if it is a legal 4-unit without some type of mortgage fraud whether in reported rents, units, or another legal document or representation (very very large issue from a legal perspective with multiple arrests in the last year for anyone playing fast and loose).As far as the DCA, I would recommend coordinating your work with the city with the DCA.

Happy to chat.Los Angeles is an appreciation play.

Redeveloping into mixed use live/work/play projects has been the most common proposed solution the past few years in my area. 

@Brady Ascheman To make the decision strictly from a Property Management standpoint you have to calculate your vacancy cost and cost to acquire a new tenant to know if a rental increase is even a smart play. 

If a person has RCV or ACV policy makes a huge difference, than question of what coverage level people had and if they had policy add-on's that cover cost over-runs and all that fun stuff, not to mention contents. 

I don't think anyone has ever said anything about sheets, towels, Keurigs, wifi speed, tv stations, pack-n-plays, the games in the game room, the upgraded appliances, etc.

It's all fun and games until your bank freezes and converts your line for any number of reasons that are in the loan agreement.