Even 600k loan at 10% interest costs $165 a day.

Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

We abated the walls, and that added $10,000 to our costs.

Even if I were found guilty, the cost would be in the thousands, not in the millions.

While living in a high-cost area can present challenges, it also opens doors to creative strategies, like investing out of state or leveraging partnerships.

We cap the rate for utilities and actually added about 10% above our normal average this past year due to rising utility costs in our area for gas and propane.  

FYI, most of my CFO clients borrow from HMLs that will lend up to 100% of their rehab costs. 

You will likely need to rehab for any strategy but Co-Living will be more bedroom additions which is less cost compared to kitchen and bath remodels that are more needed for furnished rentals. 

No requirement to be in the inner circle other than to get the 100% funding up to 65% of ARV, otherwise it is 90% of acquisition cost + 100% construction costs up to 65% of funding.

It would be for $120k plus closing costs for a year or two until we could refinance.