Hi Guys, I am interested to know the strategy to buy +60% of controlling shares of Co-Op building in order to convert it into rental units, has anyone been involved in this kind of deal?

In fact, I advise the owner to stay away so they don't get involved and cause problems.

My understanding is that since late fees cannot be assessed until rent is 30 days past due, the state views discounts to pay by some certain date as a late fee in disguise.Regarding the lease options or lease purchases, I am not sure how they're structured here as I have not been involved in any.

The property next door is a triplex in a smaller lot,  that was grand fathered in.I wonder if that easement could be argued to provide the square footage needed to qualify for a conditional use permit.

Hello everybody, I’m a new member to the bigger pockets community but have been involved in buy and hold rentals for 5 years.

and involve a bank in the equation!

There are two steps involved First, what you need to do is: A) First figure out your casualty loss ( even though you received the money form the insurance, they usually pay after your deductible amount, the deductible amount could be your loss, at the least.

My capital is $480K cash on hand, I want to be totally involved with every aspect of the transaction. 

The past is the past.I would also point out two things based on your comments that may indicate why you chose to go in a different direction.  1) The use of a self-directed IRA custodian - where they have to sign every document and cut every check - is not well suited for a portfolio that involves a lot of assets or assets that create a lot of transaction activity. 

Do you know the square footage and average rents of this complex?