It needs quite a bit of work (around 75k-95k) to restore it to a desirable property.

And I use that to fund my first MultiFamily, and just try and keep coming up with cash for down payments for the rest?Or

.), as well as my connections I get at cost being a manager for a exterior restoration company.

Part time, I work for a restoration company that does rebuilds & remodeling. 

Minimum loan amount for this right now is $55k.If you can massage your income numbers and qualify for a 5.25% or a 4.25% (pretty amazing) on a landlord loan, then do that - but if you find you are passing over deals, then give this some consideration. 

Last year after a really bad tenant spell, we restored a lot of the property and repainted the whole house.

Feels very old but could easily be restored. 

Fixing the roof and interior damage restores the property condition to "normal", getting you a C3 condition.

Interest only loans are horrible UNLESS you are absolutely confident you have a big value add upside in the future.Often I see investors massage debt with properties to make numbers work when instead they should not buy the property at all or negotiate a way different pricing when purchasing and underwriting.Interest only loans, short term fixed debt then goes to market are time bombs with tenants with long term fixed leases.Now if I am doing value add with big upside then of course interest only can work in a lot of cases because I do not care much about cash flow going in but the equity multiple later on.

Go to the facebook page of Restore Washington scroll down or click on this link https://thewashingtonstandard.com/huge-victory-in.../...Everyone need to read this article.