Asking Price: $205,000ARV: $350,000Repair Costs: $50,000Current Loan Owed: $150,000My ideal plan would be to take over the loan payment, pay them the equity, do the rehab and convert it back to a legal 2-family, and then refinance it into my name for a long term rental pulling out my initial (or at least a large chunk) of my investment.

You''re wanting to convert investment gain into a primary residence. 

Bought a single family, converted to a duplex, and did light renovations, house hacked one unit, etc... 

Then put a new mobile home on each one, surrender the title and convert them to real property, and sell them as regular housing stock to people who can get actual mortgages.

My home happens to be a 1960's cape that was most likely converted to a two family, hence the shoddy separation of utilities and plumbing.

As noted above, immediately removed some (3) severely submarket rent tenants, then marketed and remodeled the vacant space, and brought in new (and converted an existing) tenants at market rates.

As noted above, immediately removed some (3) severely submarket rent tenants, then marketed and remodeled the vacant space, and brought in new (and converted an existing) tenants at market rates.

As noted above, immediately removed some (3) severely submarket rent tenants, then marketed and remodeled the vacant space, and brought in new (and converted an existing) tenants at market rates.

Thanks,TylerThere will be opportunities to convert vacant suburban retail into these type of spaces.

We are converting the property from a 4-unit to a 5-unit.