Hello BP Community, we're having to bring an unpermitted unit in an older building up to code for a dwelling space and need plans drawn up to submit to the city.

As for an offer, start with your ARV and subtract out your renovation costs, financing costs, a reserve amount for contingencies, any profit margin if you plan on flipping it, closing costs for both the buy and sell sides, and soft costs for the permitting, etc.

Since you plan to put that money into another property, I recommend a refi. 

Some things I advise folks having seen partnerships go south - Get really clear not just on who does what but contingency plans.

If you plan on buying more rentals in the short term, Nathan's approach is the best. 

(FYI, We are trying to build a small (5 to 6 properties), high quality portfolio in the next 5 years, planning on putting 25-30% down)The investment opportunity in question is a new build, single-family home with a 3-bedroom, 2-bathroom layout, accompanied by a 2-car garage, located in the neighborhood of Wesley Chapel, FL.

According to the BiggerPockets forum discussions, here are some key steps for conducting due diligence when purchasing a self-storage facility:Analyze the financials thoroughly, including net operating income (NOI) and cap rates.

We all have to do our due diligence and no one should be taking for granted that what you were able to generate is what they will be able to generate, but it's not uncommon at all to ask to see the financials.

If you put in the work and follow recommended business plans.  

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