But one thing is for sure, equity or tied up capital is key.

Yes, you can convince a commercial lender to lend as though these are "apartments" but without leases and monthly terms expect an approval to be tied to a lower LTV, Reserves, and so on.Tim

I am running through 2 BRRRs so most of my money is tied up which is why selling financing is key here.

As a woman who one upon a time had a major collection of shoes, a well designed closet only adds to the credibility of the rehabber.

Adrian Jones You are responsible to put the house back to code unless the city will say that it is grandfathered, yours is a great example: a non-habitable space converted into a habitable space that has no permit means that you are responsible to convert that back or get the permit for it, meaning prove to the city bldg and safety that the space is safe to live in, remember that everything is tied to a code, there is slim to none chance of that having approved but the possibility of approval is there.

But if you buy new flooring for 8 grand plus the old flooring sitting there you have 16 grand tied up . 

After the Covid rent debacle involving CDC and the Supreme Court, here is the next shoe to drop: Federal Rent control.

The key is to tie it up early.

I am not an employee or "shill" for AllyBank.)If you don't mind tying up cash for longer (~ 9 to 24 months) any of the older more-established top-name Real-Estate Crowdfunding Debt Lenders (1st Lien Debt, not Equity)  providers have worked well for me earning very high yields (~9 - 11%). 

Maybe no shoes/ carpets.