(I will also mention that if you think it was genuinely set up a as a 2F in the past, there is a loophole for documented used prior to the zoning ordinance being adopted, but you would have to go back in the census archives from the early 1900s, and it doesn’t sound like this property really meets that description.)So I still think you should definitely ask in person, but I want to set your expectations that while the bigger lot is good (and would be a point strongly in your favor if this property was in R-2 or higher), I think the fact that it’s an R-1 zone makes this one an uphill battle to convert to a two-family.

@David StelzerI think there is a misunderstanding of what IRR is. 20% IRR over 7 years means your $25k investment will be around $90k in 7 years.This $90k will include 8.5% distribution over 7 years (~$15k) + $25k initial investment + sales profit ($50k).High IRR is more difficult to archive as the investment time frame gets longer.The typical syndication number people use is 16% IRR over 5 years - which doubles your investment in 5 years ($25k -> $50k).I think the problem might be the return you are promised is too good which could mean there is a higher risk associated with the investment.I usedhttps://www.thecalculatorsite....to get $90k figure.

Average buy out cost in SF is 48k according to the article below. https://socketsite.com/archive...

The archived Sales price was significantly higher to the expected ARV due to the fact that he executed such a high quality rehab and was not afraid to go big.

I like the notes on the other hardware as well, when it comes time to upgrade I will be pulling this out from the archives. 

Also in the Webinar archives, there is a video on picking your market (I think page 6).

So what we did is since Matt, you are a pro member, we went to the webinar archives and watched the video "how to use BP to select your market."

(I do have a bunch of others that do the same thing, but then never respond to my follow up email contact;  I think "they" are the secret shoppers.)I'm very much over them wasting my time (I've set up an email filter that directly archives their inquiries in a special folder without me even seeing it), but I'm just really curious if anyone else has had a similar experience, and if so, what's your best guess about what is going on? 

I keep a copy of the document (which also shows I gave them the brochure) with their signature on file and will archive it forever after they vacate, just in case they should make a claim years later.

Charles-I was reading in the older archives and came across this thread.