If you have a lower rate locked in currently and have no immediate needs for additional capital, then you should wait.

You will benefit from better rates and lower cost lumber now, so that will help make up for some of the added carry and perhaps the market conditions have even improved? 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

People are staying more, moving less since COVID, which means less rental inventory, increased demand and higher prices particularily in the lower and medium priced markets. 

@Jerell EdmondsFHA loans offer a way to maximize cash flow by financing up to a 4-unit property with a lower down payment.

Potentially Lower Interest Rates: With more collateral backing the loan, lenders may offer lower interest rates, as the risk is spread across multiple assets.3.

This can involve a lower down payment and flexible repayment terms.4.

Lower my cost and I could lower my rent and still make the same profit.

This type of loan typically has lower interest rates since it poses less risk to the lender.Non-Recourse Loans: Conversely, non-recourse loans limit the lender's ability to collect from the borrower beyond the collateral pledged for the loan.

You don’t want small condos that are easily carbon-copy for example as you have no way to stand out from competition and it becomes a race to the bottom.