It was a learning experience but I made it work in the end.Mine was a 5 unit commercial building that needed a gut renovation, similar to yours. 

This morning I evicted an inherited tenant in a building that I"ve now owned for just over a year. 

I am looking at 1031 possibly or just fixed refi/or use my heloc for the time being on a value add for a building 10-40 units (market dependent on price). 

@Josh Young - Are there opportunities to buy new builds for investors?

My business partner and I purchased a commercial office building a few years ago with creative financing.

HOWEVER, there are two completely separate apartment buildings on the lot. 

Hello @Hudson Filippi FHA does have a One Time Close construction loan that will allow you to build a home.

I am excited to start building my portfolio and learning all I can.

Pre-construction homes, which could build $50-60K in equity within a year or two.I can afford a 20% down payment, but I’m torn between focusing on equity (pre-con) or cash flow (resale).

If there are certain areas that you're looking where there aren't any four Plexes, consider building one.