Sometimes, depending on the size of the loan request a board approval is required which could delay the process further depending on how often the board meets. 

I added value to the property by focusing on key renovations that aligned with the tastes of Hamptons buyers.

(that means I work for Airbnb as an independent contractor, a paid, by Airbnb, consultant to new Hosts).Here is my "tip" that I send to new Hosts:"Pricing is key and worth doing some homework.

If you see at least a few zoned in the designations you mentioned above, that's potentially a good sign that you can get support from the local Alderman's office, and approval by the ZBA (zoning board of appeals), to rezone.

From experience, finding a knowledgeable accountant is key for handling taxes effectively, especially when splitting expenses, claiming deductions, and managing depreciation.

However the key is making sure the numbers pencil out so that, at minimum, even in the worst case, you can pay back that heloc because interest on that is going to be very high.

A good designer and architect are key for a successful project like this and keep in mind these aren't cheap.There's a lot more details to consider, feel free to DM me for more details.

And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

Remaining Balance: After the balloon payment, the remaining loan balance will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Payment TermsInitial Loan Terms (First 24 Months):The monthly payment for the first 24 months is based on a 12-year amortization schedule:Monthly Payment for First 24 Months: $1,573.39Remaining Balance at Month 24 (Prior to Balloon Payment):The balance after 24 months can be calculated using the amortization formula:Remaining Balance at Month 24: $157,113.92Balloon Payment:The balloon payment will be 50% of the remaining balance at Month 24:Balloon Payment Due at Month 24: $78,556.96Re-Amortization of Remaining Balance (After Balloon Payment):The remaining balance after the balloon payment will be:This amount will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Monthly Payment for Final 60 Months: $1,541.18Summary of Key Terms:• Purchase Price: $215,000• Down Payment: $43,000• Loan Amount: $172,000• Interest Rate: 6.5% (fixed)Initial Terms (First 24 Months):• Monthly Payment: $1,573.39• Balloon Payment Due at Month 24: $78,556.96Re-Amortized Terms (Final 60 Months):• Remaining Balance: $78,556.96• Monthly Payment: $1,541.18Additional Conditions:1.

They key is to not act like you are "hiding" something.