@Kash Tacke legally, you would need architect drawings to get approval from Detroit Zoning Board.

Two, the tenants will likely stay longer and there will be less turnover, which mean some savings on turnover costs.

You'll want to focus on building out your brand within listings to draw guests to your direct booking site. 

With Chicago's new Express Permit Program, it's a bit easier to get permits for work that would have previously required architectural drawings. 

He also used to take land that wasn’t valuable as is and get it re-zoned for residential/commercial, draw up blueprints and sell the vision.

They hold your money, spend it without your permission and you have to call and email incessantly to get a release of your monthly draw.

-Rehab funds are usually held in escrow, which will require you to request draws. 2.

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

Holy cow, don't you have a contract that specifies when and how much draws are to be submitted and paid? 

Way way too often Mrs. wants to stay, but realistically can't afford to stay with one income....and it is just a downhill disaster finacially the longer they stay.