multifamily home- how to

[Lindsey Thibodeaux]

Hi! I'm in the New Orleans, LA area. I already have a duplex under my belt, which I got an FHA loan for and currently live in one side. I'm interested in buying a tri/quad, or even 5plex complex. I understand that the 5 would need a commercial loan and a higher down payment. I have a great credit score, a pretty good bit in assets, and I know that I can reutilize an FHA loan since I have been in my current home for a few years- if I chose to move into the new property.

I haven't specifically found a place yet but I want to line myself up to be ready if I find a deal I'm interested in- and I think being pre-approved for a loan would be helpful with making a quick decision on a good deal. I plan to meet with my mortgage lender soon; but how realistic am I being about getting, let's say, a 400-500k loan for a property? What if I want a place that isn't in tiptop condition and needs some renovations? Could I get a renovation loan somewhat easily and with what requirements? I believe I could get the best deal if the property needs a little TLC. I have most of my $ involved in investments, so as for actual cash on hand, I don't have an adequate amount for what I believe would be necessary for a down payment. So, would I possibly be able to get the loan mentioned above, and potentially do a peer to peer loan or private lender for what I'm lacking in the down payment? I have paid off ~50k in my current loan, recently refinanced from an FHA loan to remove the PMI. Maybe I could use an equity line of credit from this also?

And lastly- is this all just too complicated to be concerned about- at least until I save enough to put down a full down payment by myself? I'm determined to make this work, just would love to hear some feedback.

Thanks all!

PS: a picture of my baby, my shotgun double I currently own.