The addition with the bathroom is only on the ground level.

Having boots on the ground expertise is some of the most critical information needed when making an investment decision. 

This was a foreclosure that needed a little TLC, and featured additional amenities like in-ground pool, secluded lot and incredible equity upon purchase/ How did you find this deal and how did you negotiate it?

You would only pay him when he has successfully completed a phase of the work satisfactorily, including inspections where applicable.Secondly, if you have a proper contract, it will be easy to just suspend the work, fire him ,and hire another Contactor.

With ARV at 135,000 at a maximum loan of 70%, you can borrow up to 101,250 which means, in this scenario, you could get the 85% of acquisition and 100% of rehab, i.e. total loan amount of 83,750 with an initial release at close of escrow at 63,750 which is 85% of acquisition, and, the rehab holdback of 20,000.15% of the 75,000 acquisition down is 11,250 and closing costs are likely ~3,000 so you initially need ~15,000 to closeAfter close, a prudent hard money lender will require reimbursement style draws which means you must first complete at least phase one of improvement/rehab to the property before drawing down on the rehab hold of 20,000.With only ~5,000 left over after close, you don't have much room for soft costs like utilities, nor much room to get the rehab started, nor much room for the monthly debt.

They find local real estate agents to be our boots on the ground to manage the assets.

Just need updating and adjustments to attract high rate STR guests in the 5 rental units.When buying these we were initially approved by 3 mortgage co's for conventional mortgages, just to be later rejected because these are multifamily bldgs with land deeded to each bldg while also being within the grounds of the condo assoc.

Currently in the process of acquiring land from the city to start the permitting phase of the project.Q's:  Anyone know of any excellent real estate attorney's, multifamily insurance providers, ground up construction lender?? 

We are building ground-up condos and planning to hold them for rent long term.

Hi,I've been planning on getting into real-estate at some point within the next 6-12 months (I'm currently in the planning, education and saving up cash to invest phase).