Some lenders (like Union Bank) will allow up to 10.Not only that, but Union Bank was offering me 15 yr fixed rate loans and even 30 yr fixed rate loans, as well as other options such as ARMs and interest only loans.

You should be armed with a ton of info and ready make some things happen.

If there isn't anything about a deed restriction, like not being able to resell for 30, 60, or 90 (or sometimes more) days then you can probably double close without any issues.If there is a restriction then you can still usually sell it just for some capped amount (I think usually 20%) more than you paid.If you can carry it then you can also wait out the restriction as well.This should be fairly explicit in the documents and if not then there shouldn't be any issues double closing.

David, Paul's structure as a partner, seems he's not at arm's length to borrow qualified tax funds for himself keeping it in the account and profits above interest are through the partnership so I'd say it is an issue.

My five year ARM, 30 year amortization is 5.25% right now which is 1 % higher than their normal rate because I have ten mortgages.

This does Not seem to apply to an ordinary arms length transaction by an agent, where they didn't directly approach the owner as an agent providing services.

So there was no implicit or explicit agreement on the part of the lender.

I was actually considering my first property to be near my campus (Michigan State University) where I can hopefully find a good deal on a duplex and then rent that out to graduate students or even small families since housing is ALWAYS a huge topic around these parts.I'm sure I'll find a great deal of priceless info here in the BP community to the point where I know now that I won't have to pay an arm and a leg for education in real estate :).

Should I go arm 30year 15year interest only 203k construction loan?

The contract that I have is quite explicit about that matter and requires the seller to acknowledge those risks and to not hold me liable.