Just completed my third self-storage conversion in October with my W2 job at Elm Builders.

If this isn't required, then most likely having the GC sign a completion guarantee to ensure the project gets finished and lender is not stuck with a partially complete asset is the case. 

Usually the seller completes these before closing, but for the "as-is" sales or foreclosures, they tend to put that responsibility on the buyer.

I’m looking to access some of the equity in the home to buy out my ex-partner, and my goal is to either convert the house into a multifamily property or add a dwelling unit (ADU).I’d love to hear any advice from the community on the best way to approach this, particularly in terms of financing options, legal considerations, or any similar projects you've completed.

In fact my last completed purchase (I am under contract now for a different purchase) was huge negative cash flow.  

So, I reached out to a local brokerage, and they referred me to an agent with significant experience.This man has built a $30 million portfolio himself, and in just a couple of meetings, he completely shifted my perspective.

I don't see anything wrong with that approach but there isn’t a complete alignment of interest (the individual who wants to take over all construction services will want to focus on the projects with the greatest construction fee earning potential; the brokers will want to pursue more for-sale projects etc.).

However, some lenders may have requirements regarding the property's condition or completion status.

This, and the work ethic here are completely different than a capitalistic country like the United States.

Quote from @David Kanarek: As usual you are completely 100% wrong, and you know who disagrees with you?