@Will Barnard In the proper context it should be a win.  

I like the idea of multi-family mostly because you aren't losing all the property's income if someone moves.We're still forming our business plan, taking our time with it to allow us to plan properly and get as much information before we jump.One question I haven't found an answer to is this: 2% rule.

John has the proper insurances and the LLC was properly formed with all the correct paperwork.

If the repairs are done properly, there shouldn't be any issue with future issue. 

I haven't talked to a building company since I am just currently browsing potential properties and analyzing them to get some more experience doing the calculations.But I can't really analyse any deals without knowing how much the refurbishment costs are going to be.I would like to know, what should be on the snagging list to make this into a proper kitchen and also what the approximate costs would be do to all of that.Property details:2 Bed / 1 BathroomCurrent offer: 110.000 PoundsARV: 166.300 PoundsEstimated repair costs: 20.000 Pounds (not sure if this is accurate AT ALL)Offer I am putting out: 96.410 Pounds (based on the 70% rule)Rent: 1000 Pounds per calender month (2 tenants sharing the house, 500 each)The property is located in an area with 3 universities and a hospital, so I figured there would be a good chance for letting this house out with 2 tenants (correct me if I am wrong).Here are the calculations that I have learned on my 3 day property investing seminar (UK based) and have implemented in my calculation spread sheet below.Please comment on the calculations if you see something missing or find odd.

If done properly, yes, you'll own the house with a mortgage against it.

Tenant moved in without prior approval from Management - $250 fine for illegal move-in and failure to provide Management with proper documentation.2.

Yep... as others have said, you need to know the landlord-tenant law for your jurisdiction and follow proper procedure.

A properly originated loan and file seems like low a cost protection.  

In either case, using hard money or a HELOC you're still putting yourself at risk for a loss so make sure you run the numbers properly.