@Daniel Cacho I’m 35 years old, have been in the game for over a decade, own 26 doors, run a property management company with 350+ units, and operate a realty brokerage with a small team of agents.

Good listings are a people game, not anything you have at the bottom of your post.

But your mileage may vary. 

Mfh is an unfair game because you need a partner to help you with the experience question when getting a commercial loan.

I wanted to get back in the game again but don’t have much in reserves that most if not all HML require.

. - that might be a situation where you would want to work with a contractor directly because you would have lots of different options with widely varying costs.

Adding additional bathrooms (like a master ensuite) can be a game-changer.3.

A small multifamily property is a smart choice for a first investment—it offers a great balance of income potential and manageable scale for someone new to the space.Don’t worry about being ambitious; it’s clear you’ve done your homework, and you’re already ahead of the game by setting a clear goal.

Most lenders will vary how aggressive they will get based on the experience of the operator (you), but I don't know any that will lender to someone who's never done a spec build like you're contemplating.

Just keep in mind the process can take a little longer since you’d need to work with contractors and follow FHA’s requirements.4.Your End Game: Whether you’re planning to stay long-term, rent it out, or sell once the work is done, it’s important to have your exit strategy mapped out.