This is what use in mine - Overview - Company information - What we do (glossy material) - Financial records (updated quarterly) - Balance sheets for each guarantor - Personal tax returns of guarantors (as needed) - Market Summary - Macro picture - Micro (neighbourhoods) - Trends - Building Summary - Deal summary (written sheet) - Purchase agreement - Number summary (analyzer printout) - Justification - Due Diligence Step D - Analyzer (detailed) - Rental analysis - Expenses analysis - Renovation buildup (quotes) - Reports (condition, environmental, appraisal)

Instead of a typical BRRRR deal where I'd refinance and get my money out, I'd like to get a HELOC style loan but on a 4 plex I'm considering buying, not owner occupied. 

Maybe the 8 plex has 3 bedroom units and private yards and these apartments are high rise style.

I've had an appreciation for Florida and Florida-style homes for a while now, and with the growth in Jacksonville, I started to become very interested in this market for investing.

@Felix Torres A phase 1  is a "historical" environmental site assessment that is conducted to detect any potential or existing contamination issues within the earth based upon the past uses of the property.

My main issue with this is I’m not trying to male any money off this, I will be using the garage as storage and they are just barely above poverty level income so it’s essentially a favor because we know they will be safe there with little to no issues with the house since it is a slab style bungalow house 2 bed 1 bath. 675 sq ft.

It is not 100% passive but can be passive style income if you set it up as that. 

Let me know your thoughts please." style="-webkit-font-smoothing: antialiased; margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 1rem; line-height: 22px; font-family: "open sans", sans-serif; vertical-align: baseline; position: relative; overflow: hidden; color: rgb(52, 65, 77); letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; height: 256px;">My business partner and I have multiple multi family apartment buildings held as a General partnership.

One, we needed to perform a Phase II environmental. 

Example, when we buy land and pay for environmental test, whats happens if the land is not able to be developed?