Hi there,In the process of searching for our first rental property and saw a couple prospective properties yesterday.Thoughts on making a currently single family rental into student housing..Current tenants-month to month rent, been there 3-4 yearsHome is in a prominent student housing neighborhood, would increase rent significantly Would you chance loosing a paying tenant to try student housing? 

Luckily bank agreed to make repairs needed to pass four point.I had to get a renovation loan insurance policy where I paid for a year up front in escrow and they would pull $400 a month till renovations were completed and then I could find a new insurance policy and the remaining escrow would be transferred to the new policy.Paid $540 for an appraisal.

Due to inexperience opted for a 10 year loan which is going to clear in 4 years.

@Craig JonesMost private lenders will want 10%+ return so you mix the loans and you mine as well refinance it at today’s rates.

I chose the creative finance path because I started out as a loan officer bailing out pre-foreclosures, which you could do back in the day. 

You can use a Heloc if you have one in place just make sure you are talking to an experienced Banker or Loan officer.

And as I told the Auditor why would I go to Indy in Feb.. and look I have 10 loans on my books in Indy and I live in Oregon..

There are no penalty fees for paying off the loans early, FYI.Anything in this workflow that I'm missing? 

Lakefront land prices are at a premium so I need to accelerate the timeline by taking out a land loan(or other financing) to fund further improvements.I have owned the property over 7 years and have been using my own time & money to clear the property and make improvements.

They suggested we refinance a loan of 600k with me on it.