To elaborate: The borrower in that scenario would have to pay for builder's risk and general liability insurance prior to closing &  it's also not clear whether the closing costs were included in the $120,000.00 budget.

Most of the previous details are true with some things I would elaborate on.

Elaborate and explain the issue and hopefully we can help.   

Please elaborate on how you made condo conversions work in SF.   

Could you elaborate about the finding the deal in the MLS? 

Originally posted by @Ali Zahran:I was told by my lender that i couldn't do it again in 12 months, can only get 1 FHA loan at a time, would have to refinance into conventional, but that would require a 75% LTV when refinancing, i dont think a year will allow me to pay down to 75% after putting 3% down, if you have a client that does this somehow, can you elaborate please, would be a great help to me an others im sure, thankyou!

If you can't elaborate i.e. how meters are set up, apartment vs single unit, what says in the lease, how many units, etc., then I think you are most likely paying the bill.  

@David Zheng  please elaborate on how you acquired 36 properties this is MY GOAL!!!!

Do you want to elaborate on this one?"

Please elaborate because you have all this work and moral ethic that I lack.