What I look for in converting a building into a rooming house is as followed: property has to be in a commercial zone, property should be in a low income area of town, property should contain at least 10 units (economies of scale), if apartments are presents, can living rooms and common areas be converted to rooms.

I have a similar idea of adding small modular units to existing parcels in San Diego which contain at least one single or multi-family unit and have the proper zoning.

And assume that the red column contains the most important selection factors.

I am curious if a scope of work that contains "refinish hardwood floor"  is ambiguous and thus open for a variety of interpretations.My understanding going in was that the phrase "refinish hardwood floor" involves sanding the hardwood floor flat, probably using a drum sander, often, but not always staining the floor, and then finishing it with multiple coats of polyurethane.

More baffling is the loan folder contains an appraisal that somehow justifies the high price.

@John DeMayo - A 4 BR in my neighborhood near Glen Park would go for $4K, but Vis Valley is a working class hood containing the city's largest public housing project.

Tom Wheelwright’s books contain more detailed information than the online courses do.

The information contained in this post is not to be relied upon.

Originally posted by :The POF (aka verification of funds letter from a bank) only says money exists, while the Loan Pre-Approval letter says the lender is read to lend on this property for this person.You need BOTH to have a bonafided offer :)You don't need both -- you need one or the other...A POF is used when making a cash offer -- it is typically a bank statement or a letter from the bank indicating that the buyer's account contains liquid funds in an amount that can cover the cost of purchase.A loan pre-approval is used when making a financed offer -- it is typically provided by a reputable lender indicating that the borrower has been preliminarily underwritten for an amount adequate to cover the cost of purchase.

Loans and Grants as Acceptable Sources of Funds Introduction Change Date 4155.1 5.B.7.a Collateralized Loans This topic contains information on loans and grants as acceptable sources of funds, including  collateralized loans who may provide collateralized loans disaster relief grants and loans, and FHLB – Homeownership Set-Aside Grant Program.