Of course electric and plumbing will be subbed out.

I did this with the intention that I would immediately be able to get an 80-90% ltv heloc which would allow me to have buying power when the right opportunity arises, without having to pay debt day one with a mortgage. 

A better understanding of all the areas to look at and evaluate with plumbing and electrical, this is where our budget skyrocketed.

The one children of the owner have power of attorney who I’m talking to about buying it with, but they all insist that they cannot sell the house until the mother passed away because that’s what they promised her.

Engineering , store , pool pond , roads , water, sewer , electric .

As well, I am proud to have somehow powered my AirBnB business through the 2020 (and beyond) Covid-19 Pandemic during a time that our industry was utterly decimated!

The basement has a separate entrance and electric meter (it seems like someone already rented out the basement before).

All the insurance brokerages I have spoken with require all the electrical, hvac, plumbing, and roof to be replaced before I can get coverage.

Hi Kyle,It would be wise to look at the amperage coming into the structure and have an electrician help you decide if it's adequate for two units, or if you need another drop from the power company. 

Anyway I have about $135k available on my heloc. sale price on the duplex is $279,000, so 20% is about $56k. the house is perfectly livable as-is, but at $60/sqft and properties on the block selling for $140/sqft i think there is room for some forced appreciation. the building is currently a three-floor duplex townhouse, one unit is the ground floor and unit two is the top two floors. all floors are basically the same floor plan. the second floor has a kitchen/laundry stacked above the first floor kitchen/laundry. on the third floor, the room is in the same place and empty, but utilities (water gas electric) are already run and in place for adding a third kitchen/laundry, so conversion to triplex would be simple as installing cabinets and appliances and building an exterior staircase up to the second floor rear deck. the three 2bed/1bath units would rent for $1000-$1200 a month each, conservatively. we would have to find somewhere else to live for that to happen, but that is our 1-3 year goal anyway. would it be better to make the bank loan smaller with a bigger down payment from the HELOC?