@John Cooper find an experienced landlord-tenant attorney for their input and potentially handling your eviction.

@Arshiya Taami yes, you could potentially keep the great rate in the #% range that you have and tap in to the equity with a 2nd loan of up to around 80% to use for the down payment funds you are looking for.

But that really is there BEST outcome potential.

Set a clear budget, research properties carefully, and keep growth potential in mind as you plan.Good luck!

I would check as best you can before you even contract, but also for sure once you do contract and have the documents in hand.While there are some places for $150,000, there should be relatively few of those any more, certainly in buildings that have long term potential. 

You have to decide what your time is worth to either take those 8 phone calls, or hire a PM - for us we would rather keep the $10,560 you could potentially pay for PM service in a year for the 4-plex and take the 8 phone calls (yes oversimplified - but you get the point!).

Accepting even a small amount can complicate the eviction process and potentially delay your ability to terminate the lease in court.

Educate the land owner on the potential profit run the numbers and go over the basic proxy and blue prints.Make sure you have a seasoned and qualified Builder/GC because they can be a deal killer with wasted time and inflated material and extended completion dates.

That said, I’d make sure to document your intent to occupy each property clearly to avoid potential issues later. 

Just start.Pick a good area: Look for neighborhoods with potential – something that feels right to you.Think long-term: Are you looking for steady cash flow or hoping for big appreciation down the road?