Definitely include property management fee (Around 10% for that size) in your operating expenses.

I asked to speak to the lenders supervisor or operating manager but they said I can’t talk to them.

No commercial lender and virtually no private lenders will loan you money, because of the absence of title insurance.

A 400k SFR in a B neighborhood rents for 1800-2000 these days. 40% operating expenses and a mortgage take you welllllll into the negative.

Renovations are also needed to make the barbershop operational i was wondering should I get a construction loan or use OPM for the repairs?

However how did you continue to operate as an illegal duplex?

You would have to know what market rents are, what actual rents are, operating data, etc.

@Elisha CramIf you are operating this like a hotel or b & b, then you'll have to factor in self employment taxes as well.

Can you get the previous year's operating records so you can see what that costs?

that's a lot of bread to get the leads.. so you need tons of seed capital.those that have little to no marketing money to start .. pretty tough unless you bag a deal right out of the gate to keep you going.its the same for real estate agents getting started in that industry.. when  I had my shops and interviewed new licensed agents it was something we talked about.. you need ONE years of living expenses in the bank to even think about starting in this business.. same with wholesaling.. to try to do it with no money while it can be done .. flame out is virtually assured because of lack of capital in your small business.