- Usually a 5 unit with a boiler means that all the units share the boiler heating system.Which specific utilities in which units are paid by tenants vs shared?

Nothing illegal about doing that, but if caught, the lender may call the loan due and if you don't correct the situation or pay the loan off, they willstart mortgage foreclosure.3) You could also go the HELOC route to tap the equity in the home, but the 12-month owner-occupancy will also apply AND the interest rate on the HELOC will fluctuate with the Fed Fund Rate.4) You could do a cashout refi as an investment property, but that will be at an interest rate 0.5-1% higher than owner-occupied rate.Suggest you meet with 2-3 lenders to explore your options about the above.Once you have access to funds, recommend you buy a 2-4 unit with 20-25% down. - You can buy owner-occupied, live in one unit, and fix up and rent the other unit(s).- If you're handy, recommend buying a property in the worst condition you can tolerate.

This facility has 144 Units and a 3400sqft shop house on the property.

Current rents are at $900 each unit =1800 once we refinance to a mortgage the mortgage will be from 2400-2500 total.

We have been able to save up some money for our first turnkey multiple unit building.

Converting an unfinished basement into a third unit can definitely add value, especially here in Chicago.

Investment Info:Small multi-family (2-4 units) note investment investment.

I’m planning to do this for 3 multifamily properties all located in MA, each ranging from 2 to 4 units.

I’ve got 31 units, and I’m sure there’s 4-5 other landlords with 15-50 units in my area.

@Cameron Marro - I would work to get her out, move in to the bad unit and rent out the good unit.