Interior demo can usually pass without permits so as long as you don't touch any load bearing walls, structural columns, beams, shear walls, etc. but it's a case by case basis. 

You can ask me all day what a property's value is, but its really what the market will bear... 

For those who are thinking about getting line of credit from conventional bank (like Wellsfargo), here are the things they told me.Good things firstThey will bear the costs of closing.

Some states require it to be in an interest bearing account, so check your state law.If you try to co-mingle your personal checking account with your business transactions, you are asking for problems down the road.  

If you're building nee price per square ft has some bearing, fixing up existing structures is strictly based on the scope of work.

Repairs and maintenance on a rented house could add $2500-$3000 annually to your negative cash flow; rent loss between tenants, brokerage fees to real estate broker bringing tenant; advertising fees if you decide to find tenant yourself, accounting and tax prep help may be needed, and of course you bear the risk of I reimbursed tenant damage, eviction costs if necessary, etc. 

Please bear with me, Im like infant new at this, but what exactly would that mean, how would it work, and what would be the benefits/ drawbacks from doing it? 

Going to run some numbers on that - as well as the other options - one follow up question though, how important is it to plan some travel to the city - at least to get my bearings, but also maybe also after purchase to get a feel for the property itself?

As such, the growing reality could result in the inability and/or increased difficulty with refinancing out of DSCR loans and into lower interest rate bearing conventional loan instruments. 

It's a big burden to bear in my opinion, especially for 6.5% cash on cash.