Purchase price: $1,550,000 Cash invested: $385,000 Contributors: Enis Shehu Building Details: 4 FloorsTotal Area: 6380 SqFt3 Legal UnitsPrevious Unit Breakdown: 2 Bed /1 bath for top 3.

Purchase price: $1,550,000 Cash invested: $385,000 Contributors: Enis Shehu Building Details: 4 FloorsTotal Area: 6380 SqFt3 Legal UnitsPrevious Unit Breakdown: 2 Bed /1 bath for top 3.

Also making the 4th unit a legal apartment.

@Joni Shehu @Enis Shehu was this property deed restricted?

(a hard money loan would only add to the stress on a Newbie).Therefore....I/ most investors  would have to shop in Housing markets with homes under 200k...In my case...living in the northeast....I am restricted to the southeast (NC, FLA, Tenn, Georgia)/ maybe...Midwest.)I would have to  long Distance Invest....Then I would have to get a team/"Core 4" in the market.

@Joanne Hanson My favorite source for a beginner is Every Landlord's Legal Guide by NOLO.

Looking for guidance or to be pointed in the right direction to figure out how hard of a task is it to convert a 2 family legally into a 3-4 family in Yonkers, NY.

All the other pieces are lined up (investors, sponsors, loan broker, legal, management). 

Downside is home possible has income restrictions where you can only use it in certain neighborhoods such as Western half of Logan Square not east half, etc.If outside the income non-restricted areas then FHA can also be a good option for house hacking which is 3.5% down.PM me I can send you a few good investment friendly lenders contacts.

I can go the legal route to enforce their contract but I feel like involving lawyers is not worth it, it is not worth dealing with these types of people.