I plan on getting pre-approved for a loan for a multifamily rental purchase. I also want to open a line of credit in case of an emergency (since I don't have a lot of capital yet.) I also would like to refinance my ho...

BEFORE you close.I would get the up front funds, down payment etc. and the experience component tackled before speaking to lenders.

@Ducarmel Francois JrI am excited at the prospect of partnering to tackle large deals... one day.

Any ideas on how to tackle this situation? 

Investing out of state is a WHOLE other animal, and you want to be confident in your skills before you tackle that project. 

@Adam Bush$10k doesn't really sound like enough to tackle that deal on its own.

"Luck is when preparation meets opportunity" - I have read 60+ books and listened to almost every episode of the BP podcast over the past couple years; I felt knowledgable and prepared enough to negotiate and tackle this project. 2.

I dont think my grandparents are willing to tackle a project that large but maybe in the future. thanks

There were a few items that needed to be address on the exterior of the property and we tackled those issues immediately.

You'll have tackled rehab work, financing, as well as value add.