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@JPaul Mills I know the white roof is bothering you, but your in luck because black, gray and white color schemes are all the rage for interior design:) All the big design bloggers and interior designers are choosing white walls, white furniture and so on.So honestly I wouldn't over think it too much.

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The upfront agreement - the second step in negotiating with home sellersWell the upfront agreement was designed to avoid some things.What would you want to avoid in a sales presentation?

Here are the numbers:Asking Price $495,000(they had it listed at 399 about a year and a half ago)Year Built: 1995(10) 2/1 units, 1100 sq ft townhouse style with laundry in attached shed, very poor design on laundry in unheated space)$6175 Gross monthly rent (9 units@625, 1 @ 550)$74100 Gross Annual$6272 Taxes$1900 Insurance$7410 Property Manager (figuring 10%)$950 Garbage$4968 Water/Sewer$7410 Maintenance and repairs (figuring 10%)$1200 Snow/Lawn$7410 Vacancy (figuring 10%)$37520 Total Annual Expenses$36,580 Net Operating IncomeThinking we could get it around $425,000 so 8.6% cap rateI know I need to factor in the loan/closing costs, I'm in the initial phases of finding out what that would be.

Mortgage brokers often throw a carrot of a really low rate out to engage the borrower and then half way through the process drop the bomb of them with a re-trade of a rate for X,Y,Z reasons.I would find lenders that specialize in your asset class and deal size as they will generally have the most appetite for it.

The report alleged that LCC was suffering from financial difficulties and had engaged in improprieties.

After some much needed updating... the last owner used the same designer that did the Brady Bunch set!

Back when my parents bought thier first house (because it was impossible to rent with kids, all rental ads said: no pets no children), there were small starter houses on good size lots that were designed so that they could be added onto easily.

Gary,If the location is good for a Multifamily project, you basically have 2 options.You could design your project in such a way that it qualifies for your State's LIHTC (Tax credit) program.It boils down to developing and building what is basically a subsidized lower income project.As with all Government programs there are some very narrow restrictions there, but also some serious financial advantages.What I personally don't like about it is that it is a cumbersome procedure, and the outcome is never certain.Alternatively you could consider setting it up so it qualifies for a special Loan program that takes into consideration the value of the land once it is entitled.In normal English that means that you would get long term, fixed rate, non-recourse financing.So none of those F-words would apply; like FICO, Freddy, Fannie, etc.And if done properly, you would most likely actually get a check at closing for some of the value of the land.I will be more than glad to discuss further with you on the latter scenario.Hope this helps.Louis Bergman