Lamy Aldophe you say your like East Cleveland and you think the area will improve but if the local people who live their on a daily basis and have a pulse of what is going on will not touch the area I doubt it is improving that much.

The reason most people shy away from it is that it takes a great deal of knowledge and expertise they lack to develop, not to mention access to a great deal of long-term capital.Unless you were doing the actual blue collar work, you could not make such a project work as it is too small to afford to hire such work done.

There is a good equity position and stable tenants, I just need access to lower cost of capital for a property like this to make these properties cashflow.I am willing to do them together or separate or lumped in with another residential property that I currently own that is cash flowing around 550 a month over the mortgage as well.Thanks in advance!

He is a retired master plumber with GC experience; I have a full time job and experience with buy and hold real-estate and  access to  capital.

As you take over that 6-unit, and frankly with any property you acquire, always be looking at how you can improve the value of the business.  2 main ways to add value. 

You'll have 24/7 access to the house (you'll be lining in it) and you can see how others are treating your property.

@Mike Gasper, once you take title to the land you cannot exchange for improvements on it. 

I'm not looking to sell real estate as a career at this time, I just want access too the mls and be able to look at houses on my convenience. 

Refi with cash out seems to be a non starter because I lack the reserves required for a multi and my credit is a work in progress but improving.

The stone and other materials used that I redid the bed with has no part in this charge as it is my improvement on the land.