ALL YOU NEED TO DO IS INSTALL AN INDOOR DRYER VENT, WHICH IS LEGAL IN MANY STATES BUT CHECK WITH YOUR LOCAL PLUMBING CODE

. - purchase - 70K (It should appraise as is for 90K, considering 23K per floor, as per comps, and there are no liens)- I have 30K of my own money to invest in the rehab- I also have another 10K for initial costs of the loan, closing, attny fees- Thus the initial total comes to 110K - closing - Dec. 15- after the closing, still during Dec,I want to change the roof, check heating and plumbing and secure the bldg before winter (This might take up to 10K of my own money, leaving me with 20K for the first payment to gen contractor, see below)- title insurance and hazard insurance will be in place at closing- January 5 - will perform a new inspection and on Jan 9 my attny will present my renovation plan to the cityI plan to convert 4 illigal condos into two duplex apartments.- January 10 - the rehab will begin with the initial 20K payment to contractor (my own money, not a loan)I estimate the time line for 3 month and the total expense for 80K (including the mentioned 40K) However it might go as high as 100K.

Extra bedroom changes plumbing rules, if home is on septic and they are not using strict fixture counts for sizing - new/expanded septic.4.

So you need either a domestic LLC in that state, or a foreign LLC registered in that state.  

Some REIA also offer benefits like discounts or commercial rates on home repair supplies - plumbing, flooring, paint, etc.

Okay here goes...........So on one of my apartment buildings I owner financed with a seller I was added as an additional insured.The seller checked with the insurance company weeks before we closed and they gave their blessing.Now the policy is coming back up for renewal in March of 2012.The owner of the property insurance company is now up in arms saying his employee didn't give the seller the correct info and that unless the seller shows ownership he can't renew the policy in March.The reason he said is insurers do not like to see additional insured because they think someone will commit arson and burn them down and make a claim.These buildings are 30 years old and it's hard to find another policy that is not very expensive for them because the policy was written and renewed each year before they hit the 30 year mark.Many new insurance companies won't touch a building that old unless all wiring,plumbing,roofs,etc. have been replaced so their will not be many claims written when they underwrite the policy.If the insurance gets cancelled in March then the underlying mortgage company would be notified which we don't want to happen.The seller has talked to her attorney (not the closing one) and have mentioned something about titling the property back to the seller but have an agreement stating I still have ownership in the property.I am not comfortable with that solution at all especially after all the work and money I have put into turning these properties around.The other option the seller mentioned is cashing her out of the 2 buildings early coming due in March for the insurance policy and then the other buildings don't renew until end of the year 2012.I am open to suggestions.Per the agreement I have years before I have to cash out the balloon note.

You might want to check the plumbing for leaks within the walls.

And with each option you have to figure out the dollar amount.But when you know everything has to go anyone should be able to look at it and say "well since it's a 2500 sq ft single family with a 2 car garage it should take me $85k (that's what it costs down here) to do a complete gut rehab".So if you're saying that this house needs EVERYTHING (siding, flooring, kitchens, bathrooms, all new plumbing, all new electric, new roof, CAC) then a contractor should be able to give you a range without looking at it.

I went to every department - new contraction, plumbing, electrical, conservation, etc.... and asked every question imaginable.

For plumbing to be inspected you will have to open it up so the inspector and look at it.