Let them know how much you value their property and ask if they’ve ever considered selling it.

I knew that the property would be easy to sell to another investor or owner occupant, as it was affordable and a 3BR/2BA of 1,650SF so it checks the boxes for many prospective buyers.

That means later on you can remove PMI, get a HELOC to buy more properties, etc. 

Your lender should use the f/f that can finance the property.  

I’d like to get my feet wet with a flip or two before transitioning into long-term buy-and-hold properties.

I am more strongly in favor of investing in the larger facilities, because high quality property management is already in place.  

Lenders that don’t require an appraisal will perform a desktop appraisal but will typically have a very conservative view on the value of the property to protect the company’s investment.

If not rented at fair market rent, this property will just count as your residence, not a rental for tax purposes.Structuring the property under an LLC or land trust could trigger a due-on-sale clause, so check with the lender before proceeding.To minimize risk, consult a CPA for tax strategy, weigh financing costs, and draft a legal rental agreement.

You have to be willing to sell your properties and access the equity to buy up. 

When it comes to multis, you'll also be able to add in your tenants rents as qualifying income on the property which helps tremendously.