@Carl WestIf it's before you buy a property, (and you don't have a contractor friend that could do you a favor) hire a home inspector.

I am planning to get in there with my contractors monday, to define my costs a little more thoroughly before making an adjustments to our original offer.     

Then if there are no hammers coming down from the town code enforcement officer, the studio apartments would potentially net $300/each/month after expenses (those include Heat, Electric, HW).So the potential positive net cash flow is anywhere from $300/mo - $1500/mo. 

I'm looking for a trusted contractor in Spokane. 

Do we need to issue 1099 form to Independent Contractors which were not not licensed contractor  for payments done ?

The property has three 2br units and the rents are as follows with tenants paying all utilities but water :Unit 1: 800Unit 2: 750Unit 3: 650(Unit 3 is mine and a room is rented out to a friend) I haven’t received my first water and electric bill for the house lights but those shouldn’t be too excessive.I want to start working on putting together a deal for another multifamily with 3-4 units in about a year.

@Tim StewardYou may or may not be aware that the FHA 203K loan requires you to use a licensed contractor to do the work.  

I am a licensed Realtor, investor & contractor.

hi - does anyone have a reliable contractor in snj to recommend?

We have written estimates lined up from licensed/reputable contractors.