Acquire multiple properties under one loan?

[Allen B.]

I've written elsewhere on the forum that I'm looking to invest 1031 funds into one or more multifamily properties. I'm discovering that some of the most attractive properties for my interests are at a price point below the amount that I have to place via the exchange. This leads to a couple of questions:

1. If I were to pay cash for two (or three) smaller properties, can I then wrap them up in a single cash-out refinance? These would be 5+ unit multis located fairly close to each other. Am pretty sure the answer to this is yes but would like to be certain.

2. If I find two (or three) somewhat larger properties which together amount to, say, 2x the amount of the exchange, is it possible to *acquire* them together under a single loan? This seems potentially difficult to coordinate even if permitted, unless multiple properties are coming from the same seller.

In both cases, perhaps the answer is different for Fannie, Freddie, bank loans, and other sources? I'm leaning toward Fannie/Freddie small balance because they seem to offer some of the best rates and terms, but still learning.

Thanks again for your help -- the people I've met and things I've learned from this forum have already been a huge help!

[Allen B.]

Thanks for the responses! @Scott Ratner, I've seen the term "cost segregation" a few times lately, but you're the one who finally prompted me to read about it. Sounds like an interesting technique! I'm probably past the point where it can work, as my sales close at the end of this month. Worse yet, most of them are properties bought for very little, in uninhabitable condition, years ago. So there's quite a lot of cap gains to be avoided. That said, the 1031 rules are awful.Whoever decided on 45 days to identify hasn't bought much real estate...

@Eric Van Deman, that sounds great -- would love to speak with her. Sending you a PM, thanks.