A construction-to-perm loan could work if you plan to hold the multifamily long-term, and depending on your market, there may be incentives for multifamily development.

I help investors find opportunities in the NYC market, specializing in residential and commercial properties.

Kay Properties are very good at marketing and put out great materials. 

I did market analysis to find the right rental rate.

DFW is an amazing market.

-why not pick a market closer to home? 

The partners between a realtor like myself (proficient in renovation experience), a general contractor, usually a loan consultant to support the buyer and the lender, (along with a buyer and seller of course) are the parties involved.I come across so many homes perfect for 203k or HomeStyle buyers, on and off-market, it isn't funny.

Those states could be nearby in your market area.  

I'm happy to share my experience with this market if you'd like to message me to set-up a call. 

Thus more marketable.