HI I purchased a home in a multi unit (R4), high density zone.I am currently renting the house cash flow is just $50 after mortgage payment.This house has a big workshop in the back with a high rise ceiling, brand new roof, electricity and water.It sets in a half an acre lot so I am able to rent the workshop and land for $700 a month Total cash flow on this property is $750 a monthI'd like to enclosed this workshop (it has 3 brick walls already built) and make it into a livable place.I can still rent the land and keep the cash flow at about the same amount ($700).However there's no sewer  at this house just 2 septic tanks attached to the main house.Workshop will need:windowsanother walldoorscooling and heating systemBathroom etc...I can build build more units attached to the current workshop since there's so much land to play with but i have no idea of the cost.I purchased this home for $150k in 2016I owe 143Klast month I paid for an appraisal and the current value is at $185(flooring was the only improvement at the house).Question is should I refinance and bring in sewer line, build more units or live it the way it is?

The follow up is how it was set up in the rental agreement and what else is needed ongoing.

4) What is the best, user/budget-friendly website, that can help me set-up the correct business entity to do this type of business?

Hey Will,I am in in N.C. but the deposit amount that auction.com requires for pre-foreclosure properties are set by the state.

I think Millenials, my generation, have a different mind-set when it comes to a lot of things, including investing.  

There is nothing set aside as a cushion for when life happens.

Once they have accepted our offer: they can set the mortgage payment up to be serviced through the escrow company so the seller knows the mortgage is being paid on time.If they have a Home Equity Line of Credit (HELOC) it will need to be paid off through escrow when selling Subject To The Existing Mortgage.All that’s left to do is to sign the contract and and we the investors will walk them through the rest.

In order to avoid discrimination you should have a set of minimum qualification standards for all applicants.

He didn't state how their company could help you get large unsecured lines of credit on the podcast, so I set up a call with them to find out more info.When I finally spoke with someone and found out their magic formula was me opening up a bunch of credit cards, I had to laugh.  

I am currently reaching out to property managers and builders and real estate agents in the area to set up meetings to talk about options and related costs.