If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

Quote from @Rodney Davis: They presented themselves as private lenders.

We invest in non performing loans and do some private lending as well.

Many large private lenders will work with smaller lenders as correspondents.

I recently toured a property in Phoenix where solar power and water-saving features cut operational costs by nearly 20%.6.

Currently, we are learning more about investing while we save enough capital for a down payment for our first rental property.

You need to save up the funds.

I have a potential private lender, but I need to determine if this is a viable investment opportunity and explore the best financing optionsYou’re a first time investor going for 36 units… alone?

This is a good reference for myself and personal private lenders.

I remember reading about lots of trouble with private REITS.