Purchase price: $200,450 Cash invested: $16,000 Sale price: $319,000 Contributors: Peter Vekselman Partner Driven, in collaboration with Seth Choate, successfully completed a deal on Spruce Street, Modesto, CA.

Wanted to get some more feedback on either building or purchasing an existing Multi Unit property.

They have their own device you need to purchase and install.

Private/Hard Money lenders do not lend on owner occupied properties due to consumer protection laws.

Purchase price is $60K and estimated ARV is potentially 200-300K.

Secondly, talk with someone in your area who is experienced in making these purchases.

Worth area it is typically 1% of purchase price.

Therefore, the building should be purchased in an LLC, where everyone is a partner, and you can then buy them out at an agreed price. 

In those instances you can purchase the new property in 'cash' position and do not have to get an additional mortgage. 

@Chris Harwood, You will need to purchase real estate with your 1031.