Are you planning on restructuring the existing layout into a more open functional space to add value?

Is it possible to get loans just for construction on a property with an existing mortgage?

What if market rents in the defaulted borrowers area are higher than their existing mortgage payment?

Start with a small multi (2-4 units) that is already existing, that needs cosmetic repairs (paint, carpet, windows, but not foundation issues or other major structural renovation).

Taxes can be found in the central appraisal district in which the property is locatedAn agent can help you find the Sf price using comparables from mls databaseClosing costs are somewhere between 2 to 5% depending on purchase price Honestly four plexes are nearly non existent compared to houses here in DFW.

We took hours of classes on how to identify human existence while patrolling though rural terrain.

When asking a couple of title agents for a referral for a real estate attorney to assist with "Subject to" closings they both stated these deals can not be done if the existing loan is FHA or VA or any other gov loan.

These are companies that only exist because they have access to cheap financing and can disappear as quickly as they appeared.

This was my wife and my first purchase of an existing rental property.

Because my buddy rented space and did a build out on an existing facility, he was well south of that 3M number.But as Ron correctly points out, you are buying a job, not a passive investment.