I'm set to close Monday on a multifamily and need an extension because I'm pulling money out my 401k and they need additional forms to complete my withdraw.. we asked for extension for Wednesday and they decline saying they need the money Monday and if we want extension they're going to charge a fee..

I am an expert in Berkeley rental regulations (with extensive knowledge of Oakland) and i still tripped across portions of the regulation I had no idea about.

I could also use the money for any kind of education including certificates (I was looking at a Harvard Extension Real Estate postgraduate certification) or trade school as well.  

Looks like I may do some less extensive work to the property and keep the rents at the same or 50 above what they are now with lowering the risk involved with getting the HML. 

I explained to him that because of the extensive repair needed, this is the number that worked for us.

After doing more extensive research like you mentioned, the fees to build in the area where its at are low, including sewer, natural gas, zoning, permits, etc. 

Please note that you are obligated to pay back their 401k (regardless of the performance of your real estate investment).Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).If you are self-employed with no full-time employees & you can rollover the funds, you could set up a Solo 401k, rollover the funds and take a 401k loan from the Solo 401k.

@Thomas DunleavyI didn't conduct an in depth analysis, I just briefly looked over the loopnet information. 

Since you're local, getting an extensive market knowledge should not be a problem. 

Should we offer 50% - 60% ARV because of the extensive rehab?