Hi Account Closed, I haven't had to do any major contracting work in my RE experience yet, but I did start doing research for a new multi-family construction/build in Hampton Roads and got great guidance and traction with Gary Tiller of Tiller Construction Company.I found him through buildzoom and he was one of the first contractors to respond and call me directly.

You will also need to take into account any differed maintenance, as well as ongoing maintenance. 

According to my insurance agent, the only additional insurance requirements from a “normal” four-plex is taking into account flood risk / insurance - no other liability concerns.I’ve never owned water front property myself, let alone rental property on a lake.

That's because underwriting standards only take 75% of the income into account and presumably your tax returns are showing deductions.

Originally posted by Account Closed:Kind of silly to mention this now,  but maybe for others,  this stuff should be worked out day 1. 

First find the market rent for the property and subtract 50% to account for expenses going forward.

Again, best to go through the transaction with your accountant.

Account ClosedWhen you prove the model, you could present it to potential money partners.

TO get applicants in ,, we would say Free applications,, with signed lease.. so if they qualified, we'd credit the cost of application back to thier account,, they all still had to pay the application fee,, we just absorbed the cost if they signed a lease...

So I could ReFi and still have a cash flow of $1,600 not accounting for vacancy, reserves, or routine maintenance.So basically the bank would write me a check for $245,000, I would have all of my original investment back, I would have 30% equity in the property, and the property would still be cash flowing $1,600/mo.I actually have never done a cash out ReFi, as this is my first BRRRR deal.