The more units the better, you can use your 1.6 M as a downpayment, Creative is the way to go ! 

@Andre M. as @Hadar Orkibi mentions, some of the disadvantages are dealing with commercial tenants/space. 

The way around that in a bigger deal is finding a partner that has that balance sheet and offering that person a piece of the deal in exchange for renting his balance sheet.This deal is most likely too small for a Freddie loan although it can be done I would say that the prepayments and fees are not worth it for what you are doing.Best bet is to find a local community or regional bank.

So maybe stop slandering a person as if it were.

Interview this person as well as the owner/manager.

In this example Person A would simply be the money guy and a silent investor.

When the loan is tied to a person, a real person can be held accountable.

Of course I still want the property to cashflow but I am ok with receiving $500/m as opposed to $1,000/m if it means an extra $70k in my pocket to reinvest (using random numbers as an example) But this is not the correct answer for everyone!

@Matt M. As

A good cleaning person. A