Like you I also understand the value of paid off RE and once at that point - with todays numbers/economic conditions/value of the dollar - work would be optional.

If you’re curious about the model/assumptions or want a copy of the spreadsheet for educational use, please send me a direct message and I’ll share a read-only version after a quick intro.This is intended as a learning post for investors evaluating STR vs long-term multifamily economics.

This admin is determined to get rates down regardless of the economic view.One thing I forgot to mention is my current rates are adjustable rates. 

Our whole economic model is designed in a way that once you learn how to make money with your money you are bound to become wealthy.

It also comes with a restaurant that hasn’t been in service for 40 years, but the structure is in surprisingly good shape.Here’s what I’m thinking through so far:Standard due diligence: +Phase 1 and 2 environmental, city plans/zoning, health department approvals for bringing the restaurant back online.Talking to the Army Corps of Engineers and the local harbormaster about dredging (not something I’d do immediately but want to know long-term outlook) and figure out generic cost for budgeting purposes. 

You should have some good economic reason for converting it.There is no court case or regulations specifically prohibiting this, nor telling taxpayers they can do this, from my experience, but again, you asking this question and it feeling a little "too good to be true" is usually a sign the IRS may scrutinize something like this, especially if done repeatedly. 

Due to some economic factors it may be slightly under projections, but it is still stabilized.

I would love to be a resource for you as a lender, and I actually also have a masters in mental health counseling.

Especially when the economics don’t work.

What is a good strategy in current economic market for B class properties that don't cash flow immediately?