Once you complete the project you can refinance (without seasoning) for the purchase price + actual repairs done.    

@Anna GreerWelcome to BP and congratulations on jumping into the forums.The City of South Bend commissioned a study in 2013 named "An Analysis of Residential Market Potential" for  Downtown South Bend.

This site sold for $1,000,000 and will soon be developed. 9/27/2016A Prime Mixed Use Project Coming!

I have designed and built several dozen projects from New Construction to whole-house remodels to deep energy retrofits to additions and kitchen and bath remodels.I'm the Owner/President of Boston Architects and Builders, Inc.

In my own analysis, I have determined that A2 is way over-priced in value and taxes.  

In quickly looking at this, I'd be careful that I wasn't sub-consciously massaging numbers on the front end in order to make sure I hit $100/door per month (Because I caught myself doing that numerous times when doing analysis).

Willing to help others out with projects if it means learning more about real estate investing.

Has anyone ever successfully completed a project where you need retroactive permits?  

@Andrew OttinoWhere are you at with this first project Andrew?

The details are as follows:Current Price: $370,000My offer: $320,000Condition: House is in rent ready condition but I have added $5000 for touch ups here and there2 Family House with each unit renting for about $1300Insurance/yr: $700Taxes: $11,500/yrLoan: FHA with 3.5% downpayment (30yrs)Here is a link to the analysis that I did as well in case that helps, this is analyzed with both units rented out to know whether the investment is sound, even though one will be my primary residence:https://www.biggerpockets.com/calculators/shared/2...Please let me know if I am missing something or if these other investors are offering too much.