This would not solve it, what would solve it is density in other areas.

Has anyone done this?

Investment Info:Small multi-family (2-4 units) buy & hold investment in Central City. 10 acres residential Wooded What made you interested in investing in this type of deal?

In fact, I recently wrote a book about this that explains the laws in California, some of which are nationwide laws.

For starters, the prospect passes our 3.5x income requirement, has a 700+ credit score but a few things that I seem to have trouble with is the management company that was on the application, I wasn't able to find any viable information through regular web searches, but through the Business public record I found an LLC to this management company which I found was created 5 months ago. 

He's still out there promoting...just not this as he's on to other things....hopefully not another scam.

In this market the rent:price is usually around 0.5%, pretty terrible.

However, because of this rent deal, we don't see a reason to leave.

However, I am in constant communication with banks and in this environment I more often hear banks take the position of we want to see a depository relationship of XYZ percent of the loan amount in order for us to lend you real estate funds rather than take the position of offering better terms than other borrowers because of your depository relationship.  

I'd remodel and sell this property as a flip and net 15-25% ROI today, rather than wait 5 years to make a little more.