@Jingru Sui I've been exploring the basement route as well.

I’m trying to go the route of dscr loans or a similar product.  

You want your process to be a well oiled machine when you go that route.

The best part is with doing it the heloc route, you don't pay any closing costs and the appraisal is covered by the lender(Only have to pay it back if you close out the heloc within the first 2 years).As for finishing a basement in CT that can be a major value add if you can increase the SQFT AND OR ADD BEDROOMS to the property LEGALLY.

I've seen brokers and PM companies place tenants who were obviously really bad on paper (prior evictions, low credit).If you want to go the PM route as you would rather pay 10% than deal with hearing from a tenant from time to time, then be certain to read online reviews.

That's definitely the route I was leaning towards.

This would mean starting the seller financing with his numbers.We are interested in taking a seller financing route because 1. we do not have the income to approve for a loan upwards of 600s, 2. we thought that he owned it outright but yesterday he mentioned that he has a mortgage of around 140k.

However, I would not go that route.  

So if you go that route, I'd suggest making sure you find a top-notch PM! 

Concept doesn’t change, if this property is in your LLC and you aren’t planning on living in it for more than a few months I’d go the hard money route.