Just adjust your purchase price to create the amount of equity you want in the property.

My wife and I have been looking to purchase an owner-occupied multifamily property for months and with limited supply and low returns, we are adjusting our strategy.

If this is a large condo complex you could do it as 5 vanilla Fannie 30yf loans; if this is a smaller complex or you prefer a single blanket loan, it'll  be a commercial financing scenario... adjustable, 20-25 year term, etc.

That price is normally adjusted for annual maintenance costs (roughly 8% per year).

I am going to need to adjust my number!

In short, you look at recent sales, the # beds, baths, size of the property, condition, and key features (lot size, attached garage vs no garage, etc.) and adjust the price of the comps up/down to tailor to the subject property.- BPO - Broker's price opinion.

On a refinance appraisal you should expect downward value adjustments from the comps.

Also, my understanding (as it stands now) is that you must "substantially improve" the property by investing an amount over 30 months equal to your un-adjusted basis in the property at the beginning of a 30 month period, and that 30 month period can be over any point of your overall hold period.This provides the opportunity for significant planning with regard to investor risk and uncertainty.Also, this is subject to change and simply an interpretation - I could be wrong as there are quite a few moving parts and many more that we are all seeking clarification on. 

maybe lending until we adjust? 

I just want to see how you calculated the ARV adjustments.