FHA 203(k) loans may be used for home purchases and renovation projects, such as installing roofing or flooring, bringing a property up to code by repairing health or safety hazards, or replacing plumbing or electrical systems.

The property I'm looking at is just over 7 acres, rural, has septic, water and electricity in place. 

Check roof/electrical/foundation/attic.

The more you have to take care of, the less time and energy you have to create more.

If advertised as 1600 feet which includes the 150+ of garage then the seller lied.I'm assuming the conversion appears to code, is insulated and electrical looks professional. 

This was a bit of a rude awakening for me. i had planed to do all the renovations myself but even though I was the owner I was not allowed to do plumbing or electrical as it is a "Commercial Building" and they needed licensed contractors for those two parts.

#2 - I have several contractor connections within the state including electrical, plumbing, construction, masonry and roofing.

That's awesome, a 24-unit could be a game changer for passive income.I can send you a due diligence checklist our team put together for multifamily and that might be really helpful for you (if anyone else is interested, I am happy to share with anyone who would like to see it).Here are good documents to gather / steps to complete during the due diligence process:- Appraisals- As-built construction documents (see what the build quality is and set up for electrical, HVAC, etc)- Easements- Encumbrances- Environmental reports and related correspondence- Government notices- Leases (with rent roll to verify)- Photographs - insist on looking at EVERY unit, otherwise you'll only see the ones the seller wants you to see- Previous site plans- Property surveys- Recent tax bills (can call the county to ask for an estimate on tax bills after sale)- Soil reports- Title reports, commitments, and policies- Zoning documents- Any other legal documents of significance that the seller has

You’ll want to make sure you have enough borrowing capacity to take on future projects and whether or not those “future projects,” need rental income or not for your to qualify.The reason is, because if you need “rental income,” on those future projects to qualify then that means during acquisition and rehab you will not be able to refinance so you’ll need enough rehab money and reserves to whether that storm.People who have enough income to refinance earlier might be able to do so before their rehab (assuming property is in livable condition, it can be dated just livable with working MEP’s (mechanical electrical plumbing)).

Charge electric, internet and water as a 200 plus per room and you have a little more breathing room.