Old post, but in the short-term the world changed with the recent passing of HR 5376.

I compared other properties in terms of age, sq ft, acres, beds, baths, basement, garage and a subjective measure of interior condition.I have a huge problem with the automated comps (Zillow, RPR, etc) because they could not account for the interior condition. 

This gives you the chance to do any work needed and/or stabilize the multifamily so you can get optimal terms for your perm financing.  

The best part is the free CD is nothing more than a bunch of vague suggestions about how you can make all this money in real estate and vague bragging sessions about how he has been around so long and wants to give you all his knowledge before he croaks (paraphrased) Someday I will be completely immune to the crooks attempts at separating me from my hard earned money.

That's a great approach in terms of starting with a 3-month lease. 

Cash flow is defined as the money left over after paying for all expenses, including setting aside a certain amount to cover projected expenses like maintenance, vacancies, or capital expenditures.EXAMPLE:Property Price: $250,000Down Payment (25%): $62,500Loan Amount: $187,500Interest Rate: 6.5%Loan Term: 30 yearsMonthly Mortgage Payment: $1,185Monthly ExpensesMortgage Payment: $1,185Property Taxes: $250Insurance: $100Maintenance (10% of rent): $250Vacancy and CapEx (20% of rent): $500Rental IncomeMonthly Rent: $2,500Total Expenses: $2,285Cash FlowNet Cash Flow: $215 per month 💰However, there are many other factors to consider.

Typically you can only have one FHA loan under your name at any given time, but there isn't a limit on Conv so long as you qualify.

There are wholesalers in every major city in the country and they are buying at 70% to 90% of value all day long, every day of the week.

The garage and the fact that a long term tenant was in place paying market rent.

The main lesson for us was that there is still a level of due diligence that our team must perform regardless of screening software.