Multi-Family interstate's only ?

[Matthew Evers]

Wanted to put this to the forum for some direction and suggestions. As of now, I have only been dealing with Single Family properties.

Currently looking at a deal with 22 units 18 apartments at $2,975,000. 

Currently have 1,000,000 cash raised and was thinking of trying to obtain an interest-only loan (24 to 36 months). There are some improvements that could be made and rents raised to increase cash flow and overall property value. At the end of the 36 months apply for a long-term loan. From my research, Freddie Mae would be a possible interest only lender. 

Does this make the most sense? How easy is it to obtain IO loans and the possibility of refinancing to long term debt 3 years down the line? What are some possible barriers and obstacles I would need to overcome? Never played on the commercial side, kinda flying blind here. 

Purchase Price $2,9750,000

Down Payment - $1,000,000

Remaining Debit - $1.975,000

Operting Income - $343,000

Expenses - $90,000

18 Apartments 4 commercial