It has a good cap rate and everything was recently updated, head to toe.

A very important note to your getting started phase - No real investors want to "to grab a coffee or hop on a call" without getting to know a little about you and knowing if you have something to offer them.

I plan to to rent it for 3500 when the time comes (first floor with basement)We are currently looking for our next multi family but just need to figure out the best route forward for financing the purchase.Use our own money, tap into the equity here, refinance here out of our FHA to roll into another one at our new property, go the Fanny Mae route with the 5% down Multi Family home loan program. 

If your intention is to use subject to, to enter into a business with another individual, the best advice is to have an attorney draw up both documents.

Some of our initial baseline, no-go, criteria when we first listed were: 600+ credit score, no evictions, no bankruptcy, and income 3x rent... however, after finding that very few interested parties were eligible to even "enter a review phase" of landlord verifications etc, we loosened up a bit and went to an objective scoring model that I tweaked from a few ideas obtained after speaking to both rental professionals in my local area and some on this forum. 

For example, there's an Employment Verification Form, Forwarding Address Form for Deposit Refund, and so forth, that you can request your tenant to fill out.I want to make sure I'm not missing anything (as well as protecting myself) but also don't want to over-burden the tenant. 

Meaning, even if the property will be worth $1.5mm when done (80% of that being $1.2mm), if the actual cost to build is $1mm, you will still need $200k equity to to put into the construction.From there, Robert's construction quotes align with what I have seen, and this is heavily dependent on finishes.

All I knew to do was to call the pool company (who the PM introduced me to) to see if it was them. 

If you're thinking about other states, parts of the Southeast like Atlanta and Charlotte have also seen a lot of activity, with strong rental demand and growing populations.As for creative financing, I’ve seen investors use DSCR loans and Fix-and-Flip loans to get deals done without needing the traditional income verification.

Learn how to to screen and select a quality property manager that won't cheat you or mismanage your property (they do exist).