Blue Ridge looks attractive based off my search and pricing there. 

They'll make you rip open the walls to inspect and then reclose them up on your dime.I'd say follow the municipal and lender guidelines as closely as possible for rehabbing, you'll feel better knowing your bases are covered.

I would think it'd be pretty simple to calculate his actual rent income based on the properties current conditions and explain that at best, the tenants in place stay for years to come, he continues doing the bare minimum, and his highest predicted income is x dollars, barring any emergency spending to keep the tenants happy.

@Patrick Philip Keep in mind banks will price there construction debt based on the Fed rate & expect to pay WSJ Prime +1/2 to 1 Point so 10% is not bad from an alternative lender at this time.

I am based in Tampa but I cover from Orlando to Spring Hill, and all the way down to Sarasota.

@Sherry PattersonHey Sherry,I am an investor agent based out of San Antonio. 

The variance will be granted based off the site plan submitted at the time and the variance application.

I recommend looking into areas near economic bases - close to Nationwide Children’s Hospital, Ohio State Campus, New Albany, etc.

Ask to see the sellers Schedule C to see that the income reported matches the payment history.

Generally there are three categories of multifamily investment properties – which will greatly determine your loan options.These three categories are based on the number of units at the property.2-4 Units: While these are “multifamily” properties in the sense that there are “multiple units” – you will generally have very similar options for financing to traditional residential loans on single family rentals – think the traditional 30-year fixed rate conventional option or DSCR Loans – and the coveted 20% down payment option too.