As a few others mentioned he didn't have a dumpster and had to haul trash out everyday, and he worked with a skilled investor on permitting and the construction aspect of the project.

If you have a great team that can handle all of these aspects for you, or you are able to travel to handle them yourself this can be a great way to invest.

Just a bit of ribbing for a not very well defined question, but actually a good beginner question.Equity, as we define it and apply the term is from an accounting aspect, Assets-Liabilities=Equity or Owner's Equity. 

Also the state attorney general is a good place to send letter as they are more into the criminal aspect and they do like to look into things like this.Why not publish the PM"s name and info here.

You'll want to visit with your tax person too, but this is probably less of a concern than the liability aspects.  

We are reaching out to him to explore just what you mention - retaining the exterior facade and incorporating enough to the interior - particularly the trompe l'oeil - to pay respect to the history of the building.Senior living is an avenue we are exploring, but might be cost prohibitive if an elevator need be incorporated.We dismissed B&B - the property would be fitting, but they are in abundance already and some of the older, more established ones are struggling these days.If it wasn't for the fact we have real winters here and 6500 ft^2 of this age costs ~10-12K to heat - we could experiment with less risk.The purchasing of this property will undoubtedly be the least costly aspect of a deal.

Would have been better if it was low wholesale deal lol....So the learning aspect was tremendous for me.

They have this article about the multifamily aspect, but I don't see where they have the multifamily limits; the previous link I posted is only for SFRs.

@Arlanzie Combs so in what aspect do you want to start with in the business.

Townhomes and condos have a few positives aspects too that we should also mention:- If it is well managed and charging enough in fees, the HOA will have the cash required to replace the roof, siding, and deck when they are needed.