Option #2 because you have plenty of time to either sell or refinance before the rate starts adjusting.Typically for owner occupied conventional is the way to go, but the terms you listed seem fantastic, almost unbelievable.

I'm addicted to learning and I've thrown myself into real estate and investing.

I'm already working with a great agent (@Harrison Smith) so I'm covered on that front, but I would be unbelievably grateful if anyone who has done one of these loans in Maine could point me toward a lender, a HUD consultant (203k), and most of all a contractor that is familiar with and comfortable with the funding schedule and quote structure these loans require. 

Most owners are in buy mode and not sell mode unless they get a crazy unbelievable offer or the place is located in a crap hole D to F area being pushed off as a B- location to the unsuspecting investor.If you have limited experience with multifamily and very little money that is a tough combo right now.

The homeless is largely the mentally ill and drug addicted people that are not being offered the needed services.

He advertises for help on Craigslist, and brings drug addicts into job sites.

And was willing to provide almost unbelievable discounts to get the cash NOW.Here are three representative cases from 3 different types of real estate investments I was able to purchase through the years........

The mayor wants to put rent control  because it is unbelievable the amount of rent for a 2 bedroom or 3 bedroom units are out here!

I know this is a rough neighborhood, but this seems absolutely unbelievable.

Do a thorough background check....You don't want any drug addicts ruining your investment.