Home equity loans may not be obtained on land that is taxed as “open space” or as agricultural land.The loan may not close until twelve (12) days after the borrower has applied for the loan and has received a formal notice of the borrower’s legal rights.Not less than one day before the closing, the borrower must be given a final itemized disclosure of the actual charges associated with the loan, including actual points, fees, costs and interest.

But I think someone would be nuts to pay that because of the Reno costs?  

I know it will cost money, but the time they will save you, and they will get it done correctly.Good LuckGino

You can use this as a lessons learned and get a better idea for how long something takes and how much it costs. 

Just one example to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

I personally don't like using a % of rents of maintenance cost, realistically speaking an older unit with lower rents will have higher maintenance cost than a newer/nicer unit with higher rents. 

And the potential CA investor that I referred to an agent who's trying to push a $10,000 coaching program - I thought that was a little shady. 

Would love to learn estimates of cost to build per sq ft in Fountain Hills AZ.

Also, make sure your accountant knows how to add the cost seg to your tax return.

I could also refinance before 2 years is up but closings costs for apartment buildings are expensive right?