Alicia,I haven't bought land, but I believe the way to find out about it is through your local building/zoning department.

Shouldn't be a major issue if you have 2 years of tax returns showing sufficient income.

The city planning department may not want or can't re-zone it to commercial due to Master Plan of city.

There is some verbiage about type of property, apparently it doesn't count for multi-family zoning.From the city's website:The majority of our neighborhoods in the City of Lubbock are zoned as single family neighborhoods.

so from my perspective I have to keep 500k out of circulation during the loan process times.. then the loan fails.. now you have 500k with major drag.. 

From what I understand they didn't have any major problems with their downstairs tenants. 

So tenants typically pay a bit more to avoid moving unless they have a major life change that dictates the move.

Additionally, I'd increase your Vacancy to 8% so that you are saving up aproximately one month of rent per year (1/12 = 8.333%) and I'd defintily increase your CapX to 10% as CapX is for major repairs and since this property was built in 1984 I'm assuming it will have some maintenance needs sooner rather than later.

I have spoken with a few people I work with who have had primary residences that they have turned into rentals. 2 of the 3 have had major issues, one to include a marijuana grow in the basement.

Happy New Year everyone.I need a new GC.I've set my goals to purchase at least 1 property per quarter for flips. My current GC does great work but just takes too long to do a project. Consequently, I am looking for ne...