Not only are IA and NE local, but you’ll find it easier to borrow money.Iowa only requires a license to lend money on owner-occupied properties, so this doesn’t apply if you’re flipping.

Are you only targeting owner occupied sub-to?   

Are you buying to occupy or rent out?

The exception to that would be health/safety items required to rent/occupy is such as GFCI outlets in appropriate locations. 2.

@Tonia EdgestonIf it’s non owner occupied you could get a hard money loan to pay back taxes and repairs but these are short term (typically 6-12 months) then you would need to refinance the propertyYou mention this is also in probate - depending also on other debts etc it all may be for not and you may need to sell to pay off other creditors.

As title states am interested in purchasing a 4-plex, owner occupying one unit and renting the 3 other.

I would go ahead and do another owner occupied property and don't listen to anyone's advice.

Yes, I believe we will occupy the lower unit for a time to see how it goes!

As a younger professional with zero debt, I'm interested in learning more about the analysis and purchasing process of multifamily properties with the intent of executing an owner-occupied strategy.

You need to be on the mortgage for it to be considered a mortgage for a primary residence, and she would be the non-occupying coborrower.