Multi Family Purchase Financing Options

[David G Vreeland]

Looking to purchase my first multi family property and had some questions regarding financing.  I'm looking at buying a 2-4 unit property either using cash, rehabbing, then financing or using financing initially on the purchase.  I currently own a home that I purchased 6 months ago using a conventional loan and plan on moving into the new property in order to lock down a better interest rate on the purchase.  My loan provider has already indicated they wouldn't call the loan due if I move out before a year is up.

Financing on the purchase

From what I'm reading for multi unit properties you can't do a 5% down purchase like you can for single family homes. The one exception appears to be FHA loans. Can I purchase a property using a FHA loan if I already have a home I purchased 6 months ago using a conventional?

Purchasing With Cash, Rehabbing, Refinancing

So the loan here would have to be at most 80% of the appraised price correct?  So if I find a property for 70k, spend 10k to fix it up, it appraises for 100k, then I could take out a loan for 80k and essentially take out all the money I invested into it?  Except of course loan costs.