She said that frat houses and what not have different zoning that allows for this.Kelly

Just have to continue to do my research on estimating costs and ARV and what not.

It is great to hear the good but it is also very, very, very helpful to hear the bad so we can know what to watch out for and what not to do.Once again thank you for sharing your story.

I would get a coach to "vet the attorney" because you don't know what to say and what not to say as a newbieWhen I take on a new student I do thatI think real estate contract law with litigation experience and knowing what the judges will say takes somebody with some deep experience, and gray hairI would start with your REIA and talk to the president, get a name, and then have a senior Real Estate Investors talk to that attorney on your behalfIs been my experience the ratios 5 to 1 or 7 to 1 where the journey you talk to is not a good fitAnother place to look is find a CCIM and asked for the best contract attorney they know

If you buy in sugarland katy area is similar, but you will likely have a longer wait time in getting the house or what not rented.Ive looked at so many deals and I dont really think they work for me personally in the city of houston.  

I reveal there how I lost a 30+ unit building to foreclosure so you will know what NOT to do when acquiring a property.

The one part that popped for me here was the less than 20% down - CMHC guidelines are pretty clear (from what I recall) - investor loans (which is what this falls under whether RTO or just straight up landlording or what not) require 20% downpayment.I believe that the chartered banks / credit unions all also require 20% down; there may be some players that do different ratios in Canada for non-owner-occupied but I haven't seen them.Sounds like (unfortunately) your banker gave you some poor advice from the get-go? 

So purchased for $157k invested $13k so we should be making around $60k in profit after all closing fees and what not.

He has a consumer advocate show cheap airfare, hotels, car rentals what to buy and what not to buy.  

I was just thinking and trying to figure out what to do with this thing and I wasn't sure if that type of "duplex" was legal or normal or whatnot.