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I have done conversions to 3-2's because the neighborhood justified it and made nice profits.

I must say, he definitely livened things up around here with some stimulating conversations, so it would be nice to see him back at some point.

In some deals, some of the gain on exit might go to paying accrued preferred return if you couldn't get the 8% to the investor from the cash flow alone.You've been given some good advice already, but I'll add that before you go seeking out the legal eagles and spending a bunch of money, you should start with an informal conversation with your clients first.

Someone should join in the conversation from your area that does rehabs.

This would leave me with a $350 / month payment @ 10 years.Property1 – Purchase @ 45000 paid in cash Turnkey property with 0 rehab cost Rented @ 1050 (currently occupied) NOI - $5259 Cash flow - $438 / month ($92 after 10 year line of credit)ARV – 65-75kProperty2 – purchase @ 40000, 5k down and owner holds 35000 @ 18 months. 13k rehab cost, 8k of this is oil to gas heat conversion.

So keep your own numbers out of the conversation, and let them come back to you with their numbers.

I recall on the Upper West Side in the mid 90's the typical going rate was $5-10k to clear rent stabilized tenants out for conversions.

The seller wanted more and did have a private conversation with his broker, but did accept the deal as written with no changes and I bought the property.