Internal bank mortgages (those not sold by the bank) allow me to get a loan at a variable rate (not fixed) and I am okay with that.

The rates are $750 per room in 3 rooms, $700 per room in 2 basement room when they are finished, and I will be living in the master.I want to add 2 more bedroom as soon as possible, but I also want to do renovations in the kitchen, put hardwood floors, remove popcorn ceiling (asbestos), put in recessed lighting, new internal/external paint, remove a load bearing wall, and etc which a contractor said will cost around $80k (I think I can go IKEA kitchen and go cheap on other things and save $30-40k.

@ Ben Allumbaugh Conventional loan guidelines are standard for every lender but they may have overlays on guidelines.

Assume they are a licensed broker/dealer.What are some standard deal structures for bringing LPs to us and over what time frame are they paid out?

Keep in mind however national and regional tenants generally call the shots and have very specific construction standard and less requirements.  

In other words, if you boost one unit from a $600 to a $900, it's going to be hard to rent that one unit while the other 3 are still too far below that standard. 

It would be easier to have a larger park with more income..If your thinking about it make sure you have the proper reserves or insurance.. and make sure you dont cheap on your due diligence on evaluating the well and septics and know the replacement costs including replacing the pumps.. and how frequent the well needs to be monitored to abide by EPA standards.. 

The Purchase agreement is standard and my assign agreement, if I'm not mistaken, is not really a concrn of the agent, as long as the money is there.... correct? 

I do not know their policy, but typically policies will cover building to the standard that it was in previously and pay for lost rents.  

Hello everyone,I put an offer in on a duplex that needs a lot of work and will not pass conventional financing or standard FHA financing(the biggest reason being no heat source).