purchasing residential for commercial use

[austinbluedog]

What is the name of your state (only U.S. law)?
Texas.
I am interested in purchasing an unrestricted residential property to use as a B&B.
In order to get my SBA 504 loan, my business plan must be written around the specific property I am interested in. This could take up to a few months to do my research. For instance, the cost of building an inground pool must go into the loan proposal. The bank (obviously) wants accurate estimates based on the purchase of THAT specific property.
I need to move on this property as several people are interested.
How do I structure the loan?
What type of contract should my real estate agent use? Residential or commercial? Is there a difference? Letter of intent?
Thanks for any and all advice!

[seniorjudge]

Originally Posted by austinbluedog

What is the name of your state (only U.S. law)?
Texas.
I am interested in purchasing an unrestricted residential property to use as a B&B.
In order to get my SBA 504 loan, my business plan must be written around the specific property I am interested in. This could take up to a few months to do my research. For instance, the cost of building an inground pool must go into the loan proposal. The bank (obviously) wants accurate estimates based on the purchase of THAT specific property.
I need to move on this property as several people are interested.
How do I structure the loan?
What type of contract should my real estate agent use? Residential or commercial? Is there a difference? Letter of intent?
Thanks for any and all advice!

[url]http://forum.freeadvice.com/buying-selling-home-40/unrestricted-commercial-415748.html[/url]

[austinbluedog]

If you do not answer PM, then why respond at all?
FYI...not a double post.

[HomeGuru]

Originally Posted by austinbluedog

If you do not answer PM, then why respond at all?
FYI...not a double post.

**A: this thread has now gone to the dogs.