I do understand that the owner wants to make sure that we can make payments, so I do understand about running a credit check and verification of income and assets.He said he would call me back with a price.

However - if this is a nice area, and the units are identical, the rent on the one side is way low.

Somewhere ranging from 620 - 660.Interest rates vary, but with no experience and little no no business line of credit history, you are looking at 12-15%, to be paid back in interest only payments.HML usually will cover 80% of total project investment, some will do 90% depending on state.Expect to also pay 2-4 points of any money you do get, along with $350-$500 for inspection/appraisal by HML.You will usually be expected to give credit report/check, asset and financial sheets, along with income verification. 

If you are looking in a cookie cutter addition where every house is basically the same and all of the houses are within a few years of each other finding the market value is simple you just look at what identical properties have sold for over the past 12-24 months.Moving out of the predictable additions makes the process a little more difficult however if you are looking in areas where a majority of the the homes are being bought by owner occupants the process is still relatively simple.  

For instance, assuming you have 2 identical properties (hypothetically, but I have seen this quite often in new subdivisions where owners build the same model but some add a basement) one with basement and the other without basement.Property without basement:  3,000 square feet selling for $300K, or $100 per square foot.Property with basement:  identical 3,000 plus 1,000 basement, for a total of 4,000 selling for $450K.  

And also- make sure to call all references and current job verification.

There are of course hybrid deal structures and other circumstances that make no one deal identical to the other.  

It will send you a verification code to ensure the phone belongs to you, and then you are all set.

I use American Tenant Screening, and they charge $25 for an address verification and nationwide eviction and criminal check.

My current property has three identical floors (about 400sq. ft each), and I'm also living on one of the floors.