Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan. 

Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.

If the other two parties want to flip a house maybe they can do just that as partners and then sell you the house which you can buy with a primary home loan with low down payment.

If you can find someone to loan you money for this endeavor please share their information with us all.

@Nick AmDepreciation is a ZERO % interest loan.  

For instance if this is a $10M portfolio that's levered with loans totaling $9.1M, there's no equity that can be pulled but if this is a $1M portfolio with $100K of debt, its a different story.

In a university town nearby, student housing is restricted to certain areas of town and prohibited in other areas of town. 

Smaller markets like Ocala, Spring Hill, and Palmetto can be great for affordable buy-and-hold strategies, while Gainesville offers unique student rental potential.

I recently came across 1 acre asking for 314k in a very good residential and growing location, so the current owner has added 4 manufactured homes with 4 electrical meters, 4 septic tanks and only 1 water meter for all 4 homes, the homes are sitting on partial slab and partial pier & beam, he also added 2 storage sheds approx. 380sqft with the intention to make them ADUs they are still only the shell so I would have to get those ready to live in, so currently the 4 manufactured homes are being rented and bringing in 2800k a month, 3 of the homes are needing some TLC which could increment rents and possibly get me at 3600k a month, also being a 1ac lot this still leaves about 12,000sqft of raw land where you could build etc.So that is on the good side now the things I did not like so much, the lay out is poorly executed to where it makes it looked crammed up and not professional but it could be fixed.Another is that in reality there is only 4 livable units so that qualifies under a conventional loan but since they're are 6 units on the property the banks are wanting to take it as a commercial so we would have to move out the 2 storage sheds out in order to close as conventional.Another concern, technically you are only allowed to have one manufactured house or single wide in your property according to what I know but I know it could change according to zoning which I will investigate, so my question is has all this been accounted for and if so how can I verify it so it wont leave me in a bind further down the road, I currently asked my agent for the appraisal of the property to see if that might verify.Any recommendations?

You have a bigger loan, but not a bigger tax basis.