Our bank has offered a few different options, 10 yr fixed rate/30 yr amortization and 15 yr fixed/15 yr amortization.

Although our market is hot, vacancy rates are low (below 5%), interest rates on a presumed 30 year fixed mortgage are historically low (floating around 4.5%) and rents are increasing with the high priced housing market driven by a lack of inventory.Unfortunately, TierraSanta doesn't have a lot of MF's but the surrounding areas hold possibility if you're flexible on your target market.

The plan is to fix one unit, rent it and move into the other one in 6 -8 months, once my lease is done here.

My goal is to have a nice place to life for a while that we will fix up and maybe sell for a profit 5 in a few years due to equity created in rehab.

I brought in a structural engineer yesterday, and he confirmed that this was the issue and it needs to be fixed.

I am not sure yet if we will fix and sell or hold onto the property and rent it out, the property is held under our LLC.

Best bet now is to get some quotes on fixing it.

He can buy it cheap, fix it up and get it rented, and then refi to pull his money out. 

What will the bank require for you to refinance the home you just fixed up and that you are looking to keep and rent out?

When the dewinterizing company went to turn on the water, almost all the plumbing fixtures leaked and they couldn’t leave the water on for our inspection without fixing some things / installing new shut off valves.If your sow is $120,000, aren’t you assuming you’re redoing plumbing and electric from scratch?