Hey BP,Excited to say that we're currently under contract on our second investment property (our first multi family), located in Hendersonville, NC - about a half-hour outside of Asheville.

Even though I make okay money, have near perfect credit, my business is half a year old and I don't qualify for a loan.

And can my existing LLC be the half owner of that new LLP or LLC?

We had to make repairs due to significant dry rot damage around the windows, replaced half the siding (we were able to match existing), and then we also upgraded the electrical and plumbing.

It has a half-assed carport conversion adding an unofficial 3rd bedroom.

Looking at it simplistically, you would cut that income in half.

It has a half-assed carport conversion adding an unofficial 3rd bedroom.

You need to be patient in real estate, and especially dealing with the city.One of my properties is vacant for almost half a year now due to permit approval delays from the city.

So I think this one, while odd and probably not the easiest to resell, will cash flow like crazy.

If you're fixing this to flip, I'm not sure why you care about all of that information anyway - all old houses have a history; sometimes there's good reasons for why things were done - I have found this out in virtually every interior soffit I thought I would tear out - and sometimes it was just the cheapest/easiest thing to do at the time.