Anthony,no utilities, accounting/legal, licences/permits or advertising?

Additionally the work so far has been done without a building permit.

Once I confirm the numbers and validate the deal, trust me, I will ONLY release rehab funds at certain, pre-defined stages, which normally track the permit process; carpentry/framing, concrete, electrical, plumbing, drywall, finish, final CO, etc.#5 - Oh, let's not forget..., What experience level does the borrower have?

But, there are other things to consider:- Was the conversion permitted?

We are pulling a few permits for new construction in the next few weeks.

In my area their are plenty of guys doing work without permits but if code caught you, their will be real problems and the money you tried to save is now costing you twice.

Who will obtain permits, plans, pay fees?

Be smart and pull permits too, it goes along way on the resale side

People are having to jam more folks in less space and so where room permits my props all have 2 washers and dryers.

Upon formal inspection for Home/Pest found unpermitted electrical/plumbing/foundation/HVAC work that is a section 1 safety/health problem.Bank won't reduce price to meet rehab costs, looking to call county permit office and place permit violation liens on the property to see if bank sees them as more serious issues and reduce the price.