Nothing passive about running a real estate brokerage.If most of the business is derived from the relationship of the principal broker then if they sell and leave many agents and clients might go also.I do not like that they lease.

The value is mainly derived from the utility of the unit and in that sense all the units on the property will float on the same line.I hope it all works well for you what ever type of unit it is.

The premise is pretty similar to what we (as a country) did back in the bubble years... ramped up demand for a product by manipulating the marketplace, convince the public that they are doing the right thing by continuing to desire this product, bundle the cash flows created by the product into derivative products that look safer than the underlying assets look individually, and then sell those structured products to pension funds and stupid people.

The other methods don't make a lot of sense in terms of "fair market value".However, if you're an investor and considering SFH as an investment, then you'll want to look at the entire cash flow picture detailing out the income and expenses to derive your rates of return (cap rates, cash-on-cash return, total ROI, etc.).Hope that made sense.

No clue if his bank does properties in PA, but if you DM me, I can share his info.Assuming that you're able to get all of the above to work, just as with the HELOC, you can do whatever you want with the funds derived from a cash-out refi, so in theory you could pay back your HELOC with those funds.

While it is true that without a purchasing sales agreement in place, the appraiser does not have an anchor to which he or she could use to derive their opinion of value, it really shouldn't be necessary. 

I ask because the cap rate is based on cash flow, while other investors seek ROI Based on the appreciation.I understand that multi-family valuations are derived from cash flow.

From this post, not much of a conclusion can be derived to answer that question.

MB, like many monolithic towns that derive a disproportionate percent of their income from vacations, can tend to have residents who are a bit like the tail of the whip -- subject to the movement of the industry, but reacting economically in more extreme ways.

@Nnamdi Okwerekwu Listing photos are useful for ruling properties out, but there's nowhere near enough information to derive an accurate rehab budget.Sure, you can see the original 1960 kitchen and bath and come up with a probable remodel cost.