They DO offer a program called SONYMA RemodelNY Renovation.

We're preparing by ramping up our property management for the monthly consistent income.

If you want to turn this into a long term hold, be prepared to refinance out or payoff the sub 2 loan. 

The programs offered are 5/1, 7/1, 10/1 ARMs and 15 & 30 year fixed rates at about .5% higher than the ARM rates. 

Be prepared with a "Remove Tenant Addendum" and another fee!

@Tom MickleySince you been preparing your tax return yourself, you will want your accountant to first review your prior year tax returns to make sure that they were prepared correctly.They could have been prepared correctly or also incorrectly.Regarding how the accountant will be paid - is it depends.

If you don’t know what to ask, you can find a list of informed questions in this post: Questions for Hard Money Lenders.In your case, I would also be prepared to explain your business model since condo hotels are not particularly common.

speechless..I am very panic now.What should I prepare in next for court trial date?

I think I'll first try to market it as a 'luxury' student housing unit and will check with the school and their housing program.

I was told by a lender that if I wanted to put 10 under my name and 10 under my wife's name, we would have to sign a Free Trader Agreement - in basic terms, a document prepared for the purposes of waiving each party’s rights as to real estate and creating a right to obtain real estate independent of the other.