Also since it is an 8 unit building and considering the condition it is in all of the hard lenders I have talked to have a loan floor of 1 million, but if you know of any in the Birmingham area that would do this type of deal I would appreciate it.

In addition to finishing the floors, walls, ceiling, it also should include ducting in the heat and A/C.

I bought it for 640k (likely worth 620k today based on identical floor plan that sold in the community).

Repairs and rehab cost are split  Say I want to remodel a kitchen or replace flooring, it only cost me 2-3 thousand instead of maybe taking out another loan or depleting my reserves  We can fix up the property and maintain it so much better   Of course you need partners of like mind 2.  

Floors have a 10 year life span.

Then, a pipe broke and ruined the first floor.

I was also looking to make some updates to the living area, adding in vinyl hardwoods, making some minor changes to the kitchen, etc.

All new appliances & kitchen cabinets, beautiful hardwood floors & heated tiled floors in the kitchen & bathrooms.

Refinished hardwood floors.

And yes basements are fine but obviously less desirable than main or upper floors.