About 2 years into lending I had so many investors I needed to formalize the business and formed my first “fund”, whereby the investor were limited partners in a portfolio of hard money mortgage loans.  

This is why it is essential for buyers of apartment buildings to check the municipality where the property is located building records, even in instances where those records have to be requested formally and are not easily accessible over the internet.

It took some negotiations.20% DP7.5% I/O for 5 yrsZero prepaySeparation clauseProjected cash flow 19K/yr as is with conservative underwritingNOTE: seller wants a 1% seller finance fee... very cunning...Actual cash should be around 30K/yr since I operate my own team.I plan to enter into formal contracts in the next 48 hours and a week later, as a formality.

Follow up question:Is there a formal process for this? 

I'm not sure if I should separate the groups and send a different type of letter to the entities (maybe a white formal letter) or just purge the entities from my list.My mailer is a yellow letter with a "handwritten" font, typical "hi my name is oscar londono and I want to buy your house... etc".I'll update this thread with my response rate, sending out my first batch of 500 letters this week.

You can read some books and get started with that amount.that's the cost of a college degree if you want formal training

These benchmark reports generally will reflect numbers that will increase if a formal study is conducted.

I know that in single families in Cleveland Heights people have put in basement bedrooms with an egress window and they were on formal plans that were submitted to the city and approved. 

@Arianna Farinas- thanks for the post ...I would recommend getting formally pre approved for a hypotehtical duplex purchase  using whatever figures you want to use . 

My second wave is going to be another letter, but more formal.