It is vacant, requires some flooring work (2nd floor has no floors laid) along with other cosmetic related needs.

The HAP contract transfer seems to require prior experience.

You get what is required to get the place back to the starting point (minus wear and tear). 

We require one months rent as deposit so that gives us 30 days to get someone else in there.

I am a bit new to the real estate investing world and have been practicing underwriting deals.I am looking at value-add deals that may require significant construction (ADU's, garage conversions, etc).  

Stephen,You can use a Bank Portfolio program to buy a Duplex as an investment and it only requires 15% down.

If you get further into your process and would like a free consultation, please schedule a time with me below and we can connect.https://bit.ly/Meet--DavidDSCR Highlights:• Interest-only available• Cash-out options• Can close as corporation or LLC• Unlimited number of financed properties• Only LTV, FICO, and DSCR required• Loan amounts between $100k - $3.5mm• LTVs up to 80%• FICO down to 640• 1-4 unit residential, 5-8 unit residential, 2-8 unit mixed use, condo and condotel

Hello, although I do not have experience in converting Industrial to Residential Units, I would say, understand what the Building Dept. requires to make this feasible, for example, some jurisdictions require that each unit have one covered parking space (carport/garage etc.).

Am i required to tell any tenant the reason if I turn them down? 

LLC's are more used by larger investors and people who do not qualify under their personal names and have to ue business purpose loans and they require the property be in an LLC and not an individual.