Burned by MFR Comps? And a Few other Questions..

[Zack Thiesen]

I have yet to invest in MFR's, currently still whittling away at my questions list regarding them before diving in. My strategy would be to BRRRR them with cash, no initial lending. My first question (although I know it will vary by city and neighborhood, but assume it's a neighborhood where fixer MFR's exist for say 30k and could potentially have a value in the same zip of $65-$100k+)

1) How much more difficult is it to estimate ARV for multis? Obviously with the price I am discussing 2-4plex, duplex being most common by far. If 3 or 4plex, and they are scarcer, what has your experience been? Is the value just apparent to the appraiser? With the MFR market just being less liquid than SFR, what is an appraiser's approach to them to determine a value at market?

2) When you find a wholsesaler you would like to deal with, or even an agent who likes to deal in that sort of thing, is it appropriate to ask for references? 

3) Say you live in a triplex you purchased, with the goal to cash-out refi, but the lender wants to see the numbers from rents. But you've been living in that unit while working on it and another property. Can I include what that unit will earn for the one I've lived in for the #'s review even though I haven't paid the rent on it per se? Is that a better question just to ask the individual lender? I've read some don't even care or have seasoning periods, they will lend as soon as it's completely leased. I just want to avoid accidentally committing some kind of fraud. 

Thank you!

, Zack