-John $80-$85k with permits and licensed insured GC.

My husband and I have been considering purchasing a small rental property for additional income.  We have found a very small, but in relatively good shape, property for $35,000. It has been for sale for approximately ...

I have a problem though, my DTI will not permit a new VA purchase, or at least that is what I was told from my mortgage officer.

Builders are licensed, get permits and do things properly.  

Multifamily is a complex game that most newcomers underestimate, oftentimes to their own peril.  

Soft Cost = Architectural Design Fee, Permit Fee, Holding Cost...Hard Cost = Grading, Concrete, Rough Carpentry...and if you don't know what to account for, simply ask.this website is great in helping people find answers.Cheers.

I decided not to do the deal due to some permitting aspects that would involve dealing with the city of Chicago and potentially tearing down the work of the previous owner (he started doing a lot of work with no permits and it wasn't to code).

Here are a few to start:1) Where are they in the process/timeline of getting approval to build (zoning, permits etc.)2) What measures of control are available to the investor(s) if the sponsors don't meet the milestones needed to complete construction and arrive at a marketable project.3) If there are delays, cost overruns etc., anything affecting the profitability of the project, Will there be an adjustment made to the profit participation of the investors?

We are still waiting for permits, but I'm getting nervous about this lien because it's substantial, equal to the cost of the property.

I was told I need to get a permit from the city...??