. - Brick or concrete for backyard - fence - update electric, heating/air system - new plumbing - repair entire exterior, paint or new stucco, remove siding in rear, add railing in front - new kitchen/bath - refinish floors - carpet in bedrooms - paint throughout - some walls, floors and ceilings need repair - extend/add room behind kitchen to add first floor laundry - new roof, windows- Currently 4/1, would add at least 1/2 bath on 1st floor to make it a 4bdr 1 1/2 bath or full bath for master suite to make it 3bdr/2bath - No finished basement, but want it cleaned up and painted - recessed lights - The layout on the 1st level will remain the same, with the exception of the extension for the 1st floor laundry and possible 1/2 bath.

We just bought 1 Duplex that needed extensive renovation.  

Use a FICO Improvement coach like Blair Warner http://upgrademycredit.com/services/The terms I use are term 12 months, with possible extensions, 3% down, market rentsales price =  current appraisal or within 5% or current appraisal.Understand you have to also look at what the IRS considers a disguised installment sale and to prevent that.See http://www.biggerpockets.com/blogs/3/blog_posts/40...Best of luck!

This way the HML isn't giving extensions forever and tying the money up when they could be churning it.

Need to think about doing any modifications as well, modifying an existing note is the extension of credit just as making a new loan, so you have loan origination issues as well, servicers are licensed and aware of loan origination requirements as well.

Literal batting of eyelashes ensued.

In my blog I discuss this strategy extensively, with lots of great information.

People saying he should just blindly accept the deal must not have extensive development contract experience.

When I asked for a 2 week extension, the seller said no.

Real Acquistions is known to have a fairly extensive database.