Condo conversion address 1613 6th St Berkley CA7 unit apartment complex sell price is 1.52Msix units are 2 bed / 1 bathone is a 3 bed / 1 bathall units have their separate gas and water meters and parking space, there is even a common space available set up in the complex.Condo compatibles are $400,000 plusEven without the conversion I am told the rent are $135,000 per year cash flow.After talking to the planner at the city, most of the conditions have already been met by this particular property.It will mostly be paperwork to convert and put in place an HOA.

I'm guessing most flippers (unless they're a larger company) don't have the advanced systems in place to exactly separate out G&A, indirect, and direct expenses appropriately at this level.However, if the mileage is directly related to that exact house (such as driving to the house, or going to Home Depot for supplies) then it is technically a direct expense.

You could frame a new interior wall inside the garage that keeps the car separate from the utilities.

All are on separate electric meters (thank goodness) and have individual laundry facilities.

We plan to create a condo regime and sell the two units separately to owner occupants.

Be very careful about being contacted by shady people trying to separate you from your money.

I would probably spend the money to separate the sewer and water lines in this place.

If you were going to do buy and hold and properties and finance them traditionally depending on how you two file your taxes it may be more beneficial to put the properties in separate names therefore you can acquire more properties, unless your able to find a portfolio lender, in which case shouldn't matter much.Just a little to think about .

If you're going to repipe, get the units separately metered now while you're doing the work.

I feel I like have to keep this as a buy and hold.Currently the property is owned by LLC 80% and Solo 401(k) 20%Some banks wanted this property to be on a separate LLC and some did not like the fact that it was part owned by Solo 401(k).Please can any one suggest any options I might have ?