Purchase price: $515,000 Cash invested: $138,263 This is a 6 unit MF with all one bedroom apartments we bought and looking to add value by exterior cosmetic updates, increase monthly rents towards market rates, and renovate the remaining 4 units yet to be updated during turnovers.

@Michael CavitoloUse the FHA loan to buy the best 3-4 Plex you can and live in it.An example I recently saw someone do.Price280kConcessions2% of closing costsVarious small repairs $700Roof repairs $1650Cash to close $4500Renovation costs estimate $9000 (if you do the labor yourself) ($23000 if you pay a contractor)Setup4 1 bed 1 bath units Current rents $500 ea unitMarket 750-950 depending on renovation levelInterest rate 2.325%!!!!

I am not sure how does adding up additional suites to the single-family home works- Do I need to get permissions from the municipal corporation, is there any particular zoning the house should be in to tackle that, What kind of approximate costs are involved in building that since I am not sure if banks would give money for the renovation as well.

OK, another renovation question. 

When I closed on the property the first thing I did was to gut it entirely and have been renovating it for 4 years.

It has been recently renovated and I am placing it on Loopnet and MLS for sale or lease.

So now we will have a 2/1 main house fully renovated and upgraded, as well as a duplex in back, both 1/1 units.

The third outbuilding (former apartment unit) has been cleaned and considered for complete renovation to become unit number 27 as a short term rental in 2022.

We have cleaned out the three (3) outbuildings and renovated one unit and converted to a Short Term Rental as a proof of concept.

With a large property such as this, it opens additional opportunities for future renovations and ultimately income.