One factor in your decision is the rate and term on your existing first mortgage.

The obvious things like smoke detectors and stairwell handrails are to be fixed, if any issues exist.

EIDL funds cannot be used for physical repairs, expansion of physical facilities, acquisition of fixed assets, bonuses, owner distributions (non-performance related) or refinancing existing debt." 

I have a project in Golden Hill that has an 8" sewer completely underneath an existing building...we haven't had to move it...yet...but may end up needing to...the devil is in the details. 

I want to know if I am I limited to using existing openings (doors, windows) to connect new spaces, such as a laundry room.

I started with 1 and the past few years I would buy a fixer upper and use the noncapitalized repairs and expenses on it and the noncapitalized repairs and expenses on the existing units and combine that with the depreciation on all the units to offset the gains on the ones rented.

"Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home." 

We always do a final QC walk-through BEFORE we allow any prospective tenants inside, then we do a walk-through with the tenant when we hand over the keys to notate anything pre-existing, such as damaged casings, frames, etc that weren't in need of replacement. 

I just want to add that bridge loans (In Chicago) are also very low....almost non-existent.

You’ll also be required to have a pre-existing relationship with each investor.