Speaking of objectives, you will likely notice that their rates used to be much higher (I saw a lot of older posts with 9-11% rates being pretty standard) than they are now. 

You can have two loans, but must meet debt to income requirements to do it.  

NOT negotiated rate.

An engineer can help ensure that the conversion meets all current building codes and safety standards for residential living spaces.4. 

I know it is crazy to think but is there private lenders to talk to that will work with you on rates, terms...etc?

For those curious, if this applies to them, just follow these general principals: To qualify for the Section 121 exclusion you must: Must live in the home in the past 2 of the 5 years 24 months non consecutive required Must have owned the home for at least 2 years Only one spouse needs to meet the ownership testBoth spouses need to meet the use test Neither spouse has excluded a gain / used section 121 in the past two years Must file jointly for the 500k exclusion

Looking forward to asking a bunch of questions also getting to meet new people. 

Meetings, emails and calls followed where I tried in vain to nail down an estimate of cost.

They are asking 950K.Gross rents: 100,800Utilities: 3KInsurance: 7KProperty taxes are roughly 10K for each 450K in value.Repair/Maintenance: Don't have figures yet but I'm assuming it'll average out around 10K a year.The lender I am speaking with also requires me to also include an 8% vacancy rate and a 5% management fee whether I have those or not.With an interest rate of 8.15% and 20 year amortization, I can't get close to a 1.2 DSCR until my amount borrowed is down to about 450K. 

They have the best rates and are super investor friendly.