I understand there are other reasons to consider that are not in the equation, i.e. tax planning and long-term benefit, improving cash flow over time, and equity gain.

I want to speak with a lender to see if we could borrow against our existing properties to put less money down, but I have no idea what the cost would be of 1) the land, 2) improvements on the land, and 3) construction of the home.

With minimal improvements, we successfully sold the home the same day for $45,000, demonstrating our ability to capitalize on fast transactions and strong market demand.

I’d love to hear more about what kind of improvements were made to the property and how long the project took from purchase to sale.

You need to find short-term purchase and rehab financing (i.e. hard money or private lender) to acquire and improve the property.

Save religiously, improve your credit, and pay off any outstanding debts you may owe. 

Also, how're you improving the property while you're there to help cash flow when you move out? 

If I was going to improve on one thing, I could certainly tighten up my turnover process and make units ready to rent again a little faster or even advertise a little ahead of when they are ready.

Between forced appreciation on general improvements on the property and the capacity to add an additional residential structure, the sky was the limit on value growth.

Based on my income, I’m unable to afford a multifamily property, and the deals I’ve come across haven’t been particularly attractive.My brother, who earns $90K a year, is willing to co-sign with me, but his $100K in student loans doesn’t really improve our pre-approval prospects.