As far as some tips to keep in mind though, I would say to develop a great understanding of the area you are looking at investing in.

I am quitting my job as a real estate developer to go back to graduate school and receive my Masters in Real Estate.

When you start borrowing that much money through multiple HELOCs, the limiting factor tends to be DTI, not equity.

It seems like BP iOS app needs some developer love:1) It's not optimized for iPhone X at all.

There are many factors that someone who works in the market daily will understand that a computer program simply won't.

I will likely just adjust the offer to cover the $ amount the seller would receive in rent.There are two factors that concern me in the potential difficulty in getting the tenants to vacate the property, 1 is they are paying very cheap rent for the stats of the home and 2 the grow room obviously was constructed with considerable effort which I anticipate may influence them to dig their heels in and potentially squat illegally. 

I am trying to understand something about the background history of a Manhattan building that was purchased 6 years ago by a developer in order to turn it into luxury rentals.

What would make this property appealing to a land developer/investor? 

The loan itself is about 1/2% higher than a normal fha loan.Over $35 k requires a consultant which adds another wheel to the cog, but probably good for most buyers.Both loans add a10% contingency factor on to the rehab budget. 

$15-$20k is a good assessment of repairs to factor in as that is what our average, if not a little more always ends up being.