The plan was to rehab the house to a 5-bedroom, 2-bath home with a main floor master suite (the existing layout did not have a master suite).What was supposed to be a 3-month rehab stretched into a 6 1/2-month rehab.

This is a pretty big thing these days.If your mortgage guy says that the only way you can drop your existing PMI is after you reach 20% equity - that is not correct.

Most of this consisted of taking down existing wood paneling and prepping the walls to be painted.Next week the bathroom will be completed and the 2nd floor and first floor will be primed and painted as well

Their existing lease must be honored by you as required by law.

If you can’t already tell, I’m really glad that Bigger Pockets exists.

It is likely that even the initial transaction may be a disqualified party transaction if you have existing joint ventures with this individual.  

I have two investor friends that have acquired an 18-unit apartment complex under sub-to the existing mortgage.

As I now know BP message boards exist, I intend to full advantage of that fact by reaching out to the community.As I become more involved here, I would just ask that everyone be patient with me as I ask ALOT of questions.

@J ScottI am not nearly as experienced as you are so I assume this exists in another market but so far I have not seen it to such a great extent:1) Because vacancy is almost non-existent and costs are so high I have seen people do things in NYC that are probably not as prevalent elsewhere.

We've yet to pull the trigger on any acquisitions in the urban core, but its just a matter of time before we deploy resources and efforts into buying existing or creating a new development.