Advice for 203K situation on a 4-plex
Need some advice. I've been an investor for about one year and have flipped two homes. My son, is excited about real estate investing and decided to house hack a four-plex. His first contractor took way too much money for the amount of work they completed and he had to fire them. Initial rehab estimates on this 1920 four-plex were too low. Asbestos was later discovered and now rehab will be much more. He's found a new contractor and is going through the bank 203K consultant to figure out what needs to be done and get bank approval. Problem is rehab has taken way too long and he's running out of money to carry the mortgage by himself. How can he get this thing across the finish line?