Also, find out if they actually use an architect or a draftsperson for the design, or a combination of both (we personally have a draftsperson do preliminary design and an architect do final check and put in notes as it saves a lot on costs, then our structural engineer signs off on his part)Another way to save money is on the commission on the land.

Since there are very few in the market (in Florida), he asked me to look into purchasing a distressed motel and then converting to condo (possible combining 2-3 room into one condo (not condo-tel).

@Brian Ash give the search function a try as there has been a LOT of discussion about this lately.My take is that if you randomly choose a turnkey provider you are likely to get some combination of an overpriced house with claims of rent in excess of market reality and a shoddy rehab that will continue to require ongoing maintenance.

Maybe the trick is combining your passion and business plan with someone who already knows how to get properties there.

Well, I like a lease and a ROFR.A ROFR may be triggered by an offer received by the owner from a third party; in such a case, the owner is obligated to first offer the property for sale to the holder of the ROFR at the same price and upon the same terms.Another scenario may occur if the owner makes the decision to sell the property but does not yet have a buyer; the ROFR may obligate him to offer the property first to the holder of the ROFR.The principal benefit to a ROFR is that it is not an executory contract, even when combined with a lease.

I think the purchased and rented houses will be combined in blocks and then the package of houses will be marketed and sold as an investment vehicle backed by the cash flow of the underlying houses.

So if you buy a 4 unit property, live in one unit and the other 3 units rent for a combined $3000 per month (hypothetical), lenders will only count $2550-$2750 of that to cover PITI.

I really can't add to anything @Brian Gibbons or Bill Gulley said here....SLO's are not for the newbie (not sure if you are or not but just saying) just as a Sub-2 is not for a newbie...With an assignment, (assuming it's executed and drafted correctly) there is really no risk, or about as little as you could hope for...When you are responsible for making payments etc....you better know what you are doing..Combine a SLO with a house that needs repairs, and it's a bad combo.Sure you can do it, but I wouldn't put the $$$ into a property I don't have the deed on!!

I am considering combining a few homes into a portfolio loan with a smaller local lender.

Their combined monthly gross income will be almost 6x the monthly rent.