nebie ....possible 1st flip/investment

[Brian Hec]

I am looking into a building that is bank owned near the Indiana Illinois boarder.  Its zoned b2 commercial (which I think means residential commercial, but do not fully know)  and will require a full remodel of possible plumbing, electrical, a few walls moved.  I currently have a line of credit to where I can purchase the building.  I am hoping I can flip the upper level and rent it out to cover my costs and possibly lease the main level to a business.  I have a few questions about if the city will allow someone to occupy the upper unit if the main level is not complete?  Has anyone ever tried to have something rezoned (this building is actually a house and feel it has more potential profit of a flip as a house)?  Is there anything I may have overlooked?  also I hear you have to some how initiate a 1031 exchange before you take the property? I'm new to this, apologies in advance for any silly questions! if I posted anything that is not allowed on the forum, please notify me

[Shawn Holsapple]

Don't worry...the deal of the year comes by every week!

Keep looking and keep networking, you'll find another one soon.