You will be able to find a co-op apartment that allows rentals but whether you'd be able to close on it is another question.Co-ops with poor financials will have trouble selling units to borrowers using a mortgage.

HI Jewell,If you were to use FHA again, this could trigger the FHA 100 mile rule + 1.75% upfront fee, however with a few exemptions Indeed FHA allows you to put 3.5% down payment to invest in 1-4 units.

Since this will be a lengthy process I will attwmpt to fill these units up with short term office tenants, or anyone that is looking for storage space. 

I guess there's just a stigma attached to them as being "less than" SFH or multi-family units, but if the numbers work, the numbers work, right?

Its not a set price per unit or building but rather a percentage of income to debt.

Thanks Don, that is both enlightening, and created new questions as I have 2 potential deals that could be classified as commercial, both are airbnb portfolios, with one being 3 singe family units, and the other being a single site with multiple units (11 units,themed resort style).

Plus, no matter what happens Mark is my guy down there and I told him if I ever made a personal comment about his relationship, to tell me to stick it.They always lock the gate at night so no one can drive on to the property and to keep the guard dogs in.Later while my wife and I were driving and checking our storage units, I called Mark to re-iterate we had heard about this and to let her know we will never get involved in their affairs.He said. 

They have 5 multifamily buildings that are 1200 units under another LLC. 

Personally, I didn't have a property in an LLC until I had 22 units. 

FHA 203(k) Loan BasicsThe FHA 203(k) loan is an excellent option for financing a multifamily property (up to 4 units) with only 3.5% down.