I believe there could be other benefits and reasons to use a hard money lender such as transactional ease (depending on lender) or perhaps even as a way of opening doors for borrowers who may not qualify for bank financing.

It truly depends on what he is looking to do.

I would say the first step is a survey, maybe geotech depending on the lot and your area's requirements, and then contact a local architect that you like the work of and feel you would enjoy working with!

Hi Alex,It depends on what kind of strategy you are using.

It depends on the purchase price and where exactly in the area you are purchasing. 

It also depends on what kind of condition your units are in.

Of course if increase rents by $75 to $100 per unit the CoC will increase too, but it will all depend if the location and condition of the property allows me to do so. 

As you can see there are several different solutions depending on the scenario. 

However, depending on your situation there are other ways to possibly raise your income by using bank statements if you were self-employed etc.  

However, real estate decisions are complex and depend on various factors, so it's important to consider multiple aspects before making a decision.