https://themortgagereports.com/107690/fannie-mae-introduces-...Lowered down payment requirements for multifamily homesIn a significant policy change, Fannie Mae has announced that, starting from the weekend after November 18, 2023, it will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes.

Based on a rough analysis for a project timeline, I believe the total project can be completed in 5-7 months with the team I have available if we get involved in completing the work on the project.Deal Analysis as a whole - Actual Costs may be slightly different but estimates should be fairly closePost Construction Estimated Market Value - Lot 1: $379,000  Lot 2: $307,000  Total Estimated Market Value $686,000+- $102,000 - Cost to payoff HML & Previous Builder- $154,800 - Estimated Cost to complete House #1- $170,370 - Estimated Cost to complete House #2: Includes New Well/Septic $7500, Impact Fees $2100, Permits $1000= $427,170 - Estimated Cost to Payoff HML, Complete Construction on House #1, and Construct House #2+ $686,000 - Total Future Market Value-  $20,580 - 3% Buyer Agent commissions as the current owner(Listing Agent) will be listing these properties without compensation-  $2,538 - Real Estate Transfer Taxes-  $1,500 - Settlement Costs Paid at Closing______________________________________________   $234,212-  $27,900 - Payment to Seller for Down Payment made by seller to HML @ Origination (For her to break even)= $206,312 - Potential Return before any Interest/Fees/Taxes/EtcI've spoken to a few HM Lenders and ran rough numbers by them. 

They tend to be higher because these loans are seen as higher risk than owner-occupied homes.

For sale by owner, so we used a lawyer friend to make sure we were covered in our purchase agreement, etc. since the seller was the type that basically wanted to sell the house on little more than a handshake.

Could be they put it in the owner's name. 

I'm trying to move past sheer disbelief that a law school graduate did not read a 4 page contract or consult with her 2 listing agents, her lawyer or her parents (the owners of record) before executing the agreement.That said, I do have some leverage, and I don't believe there's another legitimate buyer on standby.

I've seen these companies try and fail and the Owner just wasted money.

Some properties just aren't fit for it and the owners spend a lot of effort because they want an Airbnb, whereas you'd spend less effort and make similar returns just renting it long term, or medium term.Starting an STR can seem like an undertaking, but as with anything, "Prior Proper Planning & Preparation Prevents Pi** Poor Performance".I found an STR group that meets monthly just outside of Indy!

Hi @Conrad Legé,STR owner/operator and Realtor based in Miami here. 

Also possible to sell the tax deeds props through owner finance and create cash flow as well, instead of giving out the deed, writing a Contract for Deed and generate monthly payments.Anyway, back to the house hacking with a quad, can you refer somebody in the Orlando area?