The advantages is that you can buy with low money down and will get a better interest rate.

They have always rented them at well below market rate and the repairs were made by the tenants.

As I'm sure you're well aware, the small multifamily space in metro ATL is competitive despite current interest rates. 

Typically, the adjustments I see on appraisals for basements are more flat rate adjustments. 10k is usually the number I've seen.What stinks is that there are a couple of model types that have below grade space where the builder, I'm sure, was trying to lower the taxes by having it below grade so the county wouldn't count that space in the assessment.

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

I am now 29 and wanting to grow at a faster rate- and also ensure that I am making smart moves, rather than just grasping at whatever a bank will give me.

Further, running a very quick and simple valuation based on $900 rents, 8% vacancy, 25% op exp margin, and a 9% cap rate, I'm coming up with an ARV of around $83k, so I'd pass if I were you unless you can get a much lower purchase price.

What they will offer you is an appliance package, or closing cost help, or a low fixed rate loan. 

"District South was financed with a fixed interest rate construction loan from our partners at First Financial Bank NA.

high interest rates have hurt cash flow and long term rentals are still a great investment... they're just not going to throw off rental income in the first few years of ownership.