Good afternoon all,I recently started an LLC to attempt to purchase a family member (uncle) owned house and look to rent it out as I wouldn’t be able to live in it.

I was attempting to have a dialog about some situations when it may not be the best thing to do.Having a life Insurance death benefit *does* have value.

You seem to care about how this impacted everyone so I understand the stone you have in the pit of your stomach, but I can guarantee that the next deal you do will be both smoother and less stressful because of what you'll have learned from this one.Good luck in all your future endeavors!

-> I am still going to try this department to see what happens.Let me know if this sounds in line or if you have any other suggestions.A comp plan amendment to add one unit would be pretty unheard of.. and I suspect would never be allowed.. comp plans are like master plans.. not just one parcel gets to go around the comp plan.. that's what we deal with at least on the west coast we would never attempt it or spend the money trying to do that.  

There are many reasons why spouses don't support the endeavor, but FEAR has got to be on the top of the list.  

Pay off the lender, or he can hire an agent, list it and attempt to short sale the property.

So I think the best bet at the moment is to hold onto the condo for now and eat the $300 dollar a month loss (plus expenses/repairs/etc)  until this current lease is up next summer then attempt to raise the rent and break even while hoping it further appreciates. 

Best of luck in all your endeavors.  

I would still attempt to use it as a negotiation point though.The bottom line is the exact square footage probably only really matters if the deal is dependent on that number, i.e. flipping. 

Since you ask about 100% financing, the ones that I have heard of tend to a) be very expensive like 12-15% plus 5 points, so you already have paid a bit of downpayment whether you know it or not and b) the property goes to an LLC which you can get kicked out of the moment you miss payments - no foreclosure necessary and you lose sum rehab efforts you put in.I recommend that if you use a HML (presumably because conventional financing,  which is cheaper, doesn't work for you for some reason) that you go with ones that want you to have skin in the game to share their risk.Best wishes in your endeavors.