7 Unit Multi family as first investment property

[Roger Brogan]

After looking at several SFH, I have yet to find one to purchase for a rental that would be profitable in my area.

As a result, I expanded my search to my hometown which is about an hour away and have found a 7 unit multi family apartment that looks good on paper. I know this would need a commercial loan, which I am not familiar with what so ever, and it would be my first investment property located 1 hr away, I am very reluctant to make a move on it. How different is the commercial loan process than the residential one? How much higher will the rates be compared to a SFH? Will I need more than 20% down for a commercial prop?

I will take all the advice as I can get. Thank you!