I have the capital for a down payment and holding costs for a year but am struggling to find a lender who does not require a first-position lien on the home (the seller does not wish to subordinate his lien position).It has occurred to me to seek a partner-investor who would profit share with me if I was responsible for renovations, as I’m an experienced and licensed Residential Contractor.

@Marc ShinMake sure to double whatever they tell you it will cost and take 2x as long and then have someone to come repair all the shoddy work that was done.Hopefully you have working bathrooms otherwise you may have some surprises hidden behind your walls

s, first rent of the newly created unit must be equal to the combined rent of the two previous RS units..in addition, newly created unit will still be regulated, NYS senate just passed bill S2980C..Substantial rehab is the only remaining strategy, which is not cost effective in the current market

I'm trying to start my own books in QuickBooks to keep track of acquisition costs, depreciable assets, and other items that are not tracked in my PM's Buildium books.

Why would he prefer a $1500/mo (150k-purchase cost) 2 BR 2 BA 1000 SF condo over a $250k 4 BR 2-3BA 2000 SF house where we rent out half and live for like $500/mo?

Partner Driven financed the W 7th Ave deal using its own capital, covering the $304,000 purchase price and $40,000 in renovation costs.

Partner Driven financed the Sandspring Dr deal using its own capital, covering the $200,000 purchase price and $30,000 in renovation costs.

Any costs directly associated with building the basement apartment, such as separate entrances, kitchen installations, and bathroom fixtures, can be directly allocated to the rental portion. 

She'd have to invest some money to create this set-up. 3) Selling doesn't make a lot of sense, because in this market, she'd end up paying the same for a small place, condo, with less flexibility. 

Track your cost, increase by a % and get one customer.