I put 20% down and had instant equity, for my next property.

If it needs patching of walls, new flooring, some fixtures, cosmetics, then you could probably do it.Also keep in mind, the benefit to buying a gutted property is that you have instant equity when it's done.

Now normally Return On Investment (ROI) is my primary concern when looking at multi-dwellings.

you can instantly tell the difference between the sounds of a .22, a .32, a nine, and a .45; and you know if it's ten rounds or more in a row it's a Glock!...

Realistically your cash flow from those rentals would only be about 400 a month, but you've instantly gained at least 100k in unrealized equity.

Here's how I invest in an expensive area that won't cash flow:Hunt until you find a good bargin with a lot of instant equity.

To refinance existing indebtedness and rehabilitate such a dwelling.

It's easy to read and they have live help on the phone.Their criminal background check is worth the money and they've dug up things that the applicant swore had been expunged.You have to go thrrough a security background check and an office inspection; nothing hard about it.Credit reports come up instantly on-line.

I have an equity partner who is willing to put up the capital if I just manage it...then we both split equity & earnings after his 10% required return.All I've had to this point is residential single dwellings....taking a known calculated risk with this 8 plex but I'm up for the challenge.

if the property is vacant, a homeowners policy vs a dwelling policy isnt going to make a difference.