Anyway, I'm quite nervous as the building I bought needs much more work than I initially anticipated, though it's almost entirely cosmetic (the previous tenants did not take very good care of this place). 

My partner and I are looking to buy distressed properties in the Hampton Bays area, initially for fix and flip but ultimately fix and hold.  

We would like to redo the backyard and garage and add a considerable amount of value to the house.We are almost at the end of an initial 11 month rental, with a lease purchase agreement:Rent $3200Credit towards purchase price $2000Purchase Price 620kThe house has been listed for 650k for a month and has had a few showings but no offers.

I earned an option fee at the initiation of the transaction.

Our agreement is that we all own equal parts of the portfolio (because our initial investments were the same).

Things like an initial application fee, an annual fee, etc.~ How long does it typically take from the time you apply to the time when the LOC is approved and available for use?

I initially tried posting this in the Indiana Discussion forum, but it wouldn't allow it.I am, and have been, working on getting into REI, but have been dealing with a significantly bad case of Paralysis-by-Analysis.In an attempt to start treating, and eventually curing myself from, this horrible sickness, I have decided to get my foot in the door by working as a small scale property manager in the S.

I want to share my initial analysis and determine if I should try to flip the deal or buy it as a rental.

The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs"...Or, as @Charlie Fitzgerald suggested, 25% down on 4x $100k properties to begin with (but, in accordance with my suggested "trick", each should already be worth $130k+)! 

Just my initial thoughts to make sure you are buying in a visible area for the storefronts since that is immediate income that you would want to be stable as you work on construction upstairs.