I would try to get permitting for 2-4 units if possible.2) New construction would run you about $165 sq/ft  in the area.Im looking at a new construction project for a 1300 sq ft sfh near 66th/westernif you need to tear down the existing structure may be more. 3) first steps is get architecture drawings, understand the utilities needed, then permitting.  

How do you all account for pro-ration of utility bills when billing back to tenants?

@Farzan SetayeshNothing out of the ordinary, but I use the combination of the following consistently:- google photo for agent photo/video sharing- docusign for executing docs- acrobat X for all other doc edits- whatsapp for texts and phone calls- online money wiring or ACH for large items- paypal or venmo for smaller items- zelle or ACH for collecting rent- yelp or taskrabbit for misc repairs- lawnlove for landscaping or snow removal - skype for group meetings- Dropbox for online record storage- google voice for call forwarding - email for all tenant communications - autodraft for all utility & mortgage payments- online payments for all taxes & insurance - google earth to survey neighborhoods for out of town purchases - amazon or HD for online parts ordering The automation & streamlining of low value tasks enable me to preserve time for higher value activities.

So anyway the new home is everything we always wanted and a lot more like bigger mortgage, more taxes, bigger utility bills, a lot more upkeep cost, bigger lifestyle and on it goes.

@Marty SummersYou might want to talk with your tax advisor about the possibility of utilizing substantially equal periodic payments when you retire early.

The fex things to know is utility metering, yard seperation, and possibly parking.

This is based not only on a mortgage’s closing costs but factors like property taxes and utilities paid in to date by the seller.At the closing, or settlement, table, the buyer (and seller) sign all closing documents, including the HUD-1 (see a sample HUD-1 here), and the final loan documents.The buyer pays the remaining funds in their downpayment to an attorney or a representative of the title company (who is present at closing) via cashier’s check.The representative from the title company or your attorney will then record the transaction and deed with the appropriate municipality.The buyer receives the keys and, unless indicated differently in the contract, officially takes possession of the property.

I think they pay for the utilities but I don’t have the numbers yet.  

I just looked at them and said DUDE this no work.. these assets are not sustainable for anyone but a local mom and pop who is in the asset what your paying for it.. not the inflated value your putting on them

@Sean HarrisonIf you're self-employed, you might be eligible for a Solo 401k, which offers many benefits over a self-directed IRA: Compared to an IRA, Solo 401k contribution limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)I'd recommend you reach out to a few providers who regularly post here on BP to get a better understanding of your options.