My point being it is a difficult environment for everyone (except sellers), and to illustrate, a syndicator I have been following (wellings capitol) has given up on multifamily for now and switched to self storage after a history of insisting they would not do self storage!

Does it have high turnover, constant late payments, nice and stable?

It should be pretty simple with your employment position but I would look at the possibility of reducing my mortgage payment and try to save up 3 if not 6 months of paying all of your expenses and change your mindset and do not be a big spender any more and only take anymore debt that does not make you money.As far as new investments go I would look at possibility of taking a home equity loan. 

Hey Jimmy, Thank you for the post.Excuse me if i'm wrong, did you mean to assume no down payment, closing, repair costs, and also ARV equivalent to purchase? 

Since this is a SFH, you're not going to force the appreciation by adding storage space.If this is a long term hold, you'll recoup your investment no problem.However, if you'll looking for yield, then I think your new dollars may be better spent elsewhere.

@Tavares Lumpkin HELOC would be good option for down payment because of lower  or no closing cost but interest rate will be higher so make sure you have plan how soon you can pay off.

Ross Sib Indicate payment terms, 5% sign, % first draft, % second draft, % final draft, % 1st correction, 15% approved plans.

Using the equity money for down payment and renovation costs.

It would be an FHA loan, orbiting a figure of 160k with 30 year payment.

I haven't dug deep into it but basically I should expect to pay higher down payments and interest rates in exchange for not having to verify my income.