A lot of people think this is a dangerous strategy because the bank can technically call the full amount of loan due at any time, but in practice, if you are making payments, the banks don't usually care about who is paying them.

You hinted at that yourself by knowing the dangers of piercing the corporate veil.

In contrast, the 120 which covers the North Shore, is consistently one of the most dangerous in all of NYC via their crime statistics. 

I know it had the reputation as one of the most dangerous areas in NYC, but is it coming around?

It's just getting too dangerous.

Sometimes agents and investors can be unrealistically optimistic which is dangerous.

It does not look like a bad or dangerous area.Some quick math says the total monthly operating expenses should be in the ~$25-2600 range and current income in the $2800 range.

Cost plus method is dangerous to your end when spending 1M.

The lender is a family member and does not want the money for another 20 years so there is no danger of having to restructure the deal to pay back the investor.Thanks for any thoughts or advice!

Equity is always an option but I always advise being careful with how you borrow against your home and making sure it does not put you in dangerous waters if our market changes directions for any reason.Anyways, just a few thoughts that I hope gets the questions boiling and gets you closer to your goals.