Managing the $60,000 renovation budget required careful oversight to ensure timely completion.

Managing the $60,000 renovation budget required careful oversight to ensure timely completion.

Also, it is 100% NOT a requirement to have 2 months of receipts on rents to qualify for Fannie Mae.  

if you have to demo it all, way easier to have it done vs spending time or money and less surprises.very different project then 20 yr old cosmetic flips and may require a lot more permitting and upgrades since it's all open the building dept may want you to meet current code as much as possible.

Most HOAs, nearly everywhere in the country require rental agreements to be either in 6 month, or 1 year intervals.

Keep in mind though, the higher the EMD requirement, you may end up having buyers pass on the deal, so just make sure the amount is fair to both sides.

After 6 months, or 1 year (whatever time limit required), I take a cash out refinance (probably up to 75%) on "my" property to buyout the other owner (grandma).3.

@David Flores, what is the main desire to partner? 

The only big limitations that may extend your timeline will be coming up with a down payments, and coming up with the reserves required to operate in a financially safe manner, and as may be required by your lenders.

Generally any multi family purchases 5+ units is considered commercial, and although many lenders offer financing, the down payment requirements will be slightly higher..usually 25-35% depending on the number of doors.