There is a good chance they would limit the loan amount based on either appraisal, or purchase price + improvements (ie project cost), whichever is lower.

Hi Charles, A blanket loan can sometimes limit the amount of equity an investor can access.

@James Walker I would start with planning and zoning, assuming you've done that part and/or feel likely you can get it approved, then I would pay for a feasibility study from a neutral 3rd party. 

@Randy Winzeler You are definitely still eligible for depreciation and a cost segregation study. 

@Jason Rowlett If you are in city limits, I would call 311, and ask about building codes and minimum housing size.

Now, its entirely possible the information available is limited and you'll not be able to get data.

To set up your LLCs for tax efficiency and asset protection, consider forming separate LLCs for each purpose (Investment, Property Management, and Short-Term Rentals) to limit liability and manage tax implications.

It seems as if the options for owner-occupiers of three-unit properties are pretty limited, especially if the building has a flat roof. 

However you can still go lead limited which means it's lead free on the inside. 

Allen determined that the no down payment concept would have tremendous appeal to people wanting into real estate but who had limited or no capital to invest.