So the steps I recommend to do this would be to talk to a few lenders first, get an idea of what their process is and see who you enjoy working with, look for your investment properties, and get back to the lenders so they can appraise and approve/disapprove the loan.

You could be asking for life-changing amount of money from your investor so you should be fair and ensure he or she is well educated about the risks and understands the lending process in the state of the loan.Good luck, Marco.

In the process, we did incur expenses for travel to our target city to view properties, inspection fees, and legal fees for setting up our LLC. 

I am in process of purchasing an investment property in New Jersey. 

Things that will help in the process:1.

Background is she’s about 4 months behind in total rent, original lease ended in December, now going month to month because I didn’t want to put her out as she’s a single mother with 3 kids (also didn’t have the bandwidth to go through the eviction process because this property is in another city)I hired a property manager to help and we’ve recouped a bit of money but she’s still about 6500 owed.

Nothing is without risk so do what you can to minimize it. 

I was about to start the process to get a retroactive permit but realized the additional cost of a new exterior stairwell (metal) and architecture fees is almost 30kIm starting to weigh the options of either full tear down with a new 4 unit construction or separate building in the front of property (current is set back thus the extra costs to permit)  or adding a 2 story 2 unit addition connecting to the old propertysorry this post has become 2 ideas i need advice onif it deconvert can i use it as an inlaw suite with 2nd floor unit or a duplex up. 

He said he sent one letter stating that she had 30 days to get current or he would begin the foreclosure process. 

Also don’t always go for minimal downpayment.