These short-term loans can provide interim financing until you lock in permanent financing.

These loans allow buyers to purchase a property “AS IS, WHERE IS”.Renovation loans are available in 30, 20- and 15-year fixed rate terms and can be used to purchase owner occupied, second home and investment properties.By time the renovations are completed, the home needs to be in move-in, live-in condition and conceptually ready to be resold without repair issues.Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Maximum: Limited to 75% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesRenovation Term:The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

We are hoping to learn about flipping homes, and doing much more multi-family long-term investing!

I am curious how long did the renovation take and how long was it on the market for? 

If you are considering to invest in other cities for long term rentals, I personally suggest looking into the Columbus OH market.

Some investors find that their financing falls through mid-project, or they didn’t budget for unexpected costs.Tip: Always have your financing lined up and know the loan terms inside and out.

The promise of financial freedom, building wealth, and creating long-term security is enticing, but the path to get there isn’t always clear—especially when you’re just getting started.

As long as you love where you are at I would try to look past this and keep in mind the long term picture of the brokerage.

However, the inspector mentioned that the 2nd and 3rd floors are labeled as "Artist Dwellings," though he wasn’t sure what that fully entails.He suggested applying for a special permit to present the space as artist studios or dwellings, with the hope of eventually converting them into long-term rental (LTR) apartments under that designation.

Here are standard terms as of today:2 points10.49% - 12% rates75% - 90% LTC100% rehab included up to 75% of ARV