If you're looking for all the differences between the 6 types of renovation loans (Limited 203k, Standard 203k, Homestyle, ChoiceRenovation, VA, and USDA), you're best to use the internet or have a 1-2 hour conversation/meeting with me or an experienced renovation lender. 

So, what’s the trick?

Your buyer had a 1031 exchange funds and paid the entirety of the 8 plex purchase in cash?

Make sure you get that landlord info of the housing before the one they are in now.

I've asked for the loan details so I can see the terms and fine print of the loan myself and am doing extensive research, but would love info from the community.

.: First understand that people lie, oops I mean, "fake it 'til they make it"It doesn't matter if it's number of units, SubTo deals, net worth, number of doors, or any measurement of success.

Staging the backyard with a pristinely clean pool (no photos of the power lines!)

Once they have seen the property and are interested, the prequalification and background checks will do the rest of the work in weeding out undesirable tenants for you. 

It's not the cost of the big ticket items that kills your budget, it's the loooong list of small tasks and receipts!

I imagine there are some people on here that have used small business loans for this type of business or any business in general starting out.