Also, if your plan is to rent it out, you would want to ensure you can still get sufficient cash flow with the new refinanced loan, since your mortgage payment will be higher.Here's a hypothetical example: Purchase Price $50,000.00 Repair $20,000.00 Down Payment (20% of Purchase Price)  $10,000.00 Initial Loan Amount $40,000.00 Closing Costs (4% of purchase price) $2,000.00ARV$100,000.00Refinanced Loan Amount (70% LTV)$70,000.00Balance After Initial Loan Pay-off ($70k - $40k) $30,000.00Closing Costs (4% of new loan amount)$2,800.00Remaining Cash ($30k - $2,800)$27,200.00

I feel I was successful because I never rented to college kids but rather targeted young professionals like myself to ensure they had a job to cover the cost of rent themselves.

Ensure the lease has some language that says these terms will survive the completion of this lease on a month to month basis unless a new lease agreement is commenced.

That way you can ensure nothing is missed.

Then if feasbile, they would basically design your retail space adhering and ensuring compliance with applicable codes with the filing (as an Alteration Type 1) which will amend the Certificate of Occupancy to add the retail into the lower floor.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

.* **Survey fee**: to ensure that the property boundaries are followed and are not being encroached on by adjacent properties.

If you're concerned about it, hire a contractor to spend five minutes looking at it and ensuring they are safe.

You also want to check with your CPA to determine how gifts are handled in CA to ensure no gift tax is due....also you want to make sure adding you to title doesn't trigger some kind of change to your property tax or valuation.

Hello,There was a fire that happened in the unit next to mine and as a result, the fire department broke into my unit to ensure that there was no internal fire happening between our shared walls.