My auto mechanic got a 50k price/estimate to get the site report and design for a 6 bay auto repair shop that he needs in order to get a price on building the property.

Now that the design process is done, I am needing to build the space out per their construction drawings.

Even in the last few years we've seen a tremendous increase in the popularity of short term rentals like AirBnB.  

This type of product cannot be negotiated as they are designed for primary residence borrowers and there a ton of fair lending issues that are tied to them and banks can get in a lot of trouble for giving one persona break and not the next.A commercial real estate loan on the other hand can be used for any type of real estate including 1-4 unit properties so long as they are primarily for investment of business purposes.  

FHA is designed for lower down payment, lower credit scores.

I initially worked with an architect to get plans to submit to the city, but quickly changed those up and designed much of the space myself.

FHA for owner occupants is certainly the most popular loan product for small multifamily if you’re looking to preserve cash.

This is a very popular area for flips here in Jacksonville so it went quick!

If they were smoking in a designated non smoking area you need to follow your lease and local laws in giving notice to stop etc. 

Originally from N California now in Mesa, AZRetired financial planning professional, registered Rep with SEC, designations LUTCF and CLU, member MDRT