I was reading The book on Managing Rental Properties by Brandon and Heather Tuner and they stated (pg 181) that a resident manager is required for building of 9+ units in New York.

Thank you Hi Mary this is a different topic thread but Fannie used to count all properties in entities as "financed properties," as long as you owned more than 25% in that entity as documented by your annual K1 form which your LP/LLC/Scorp/flow through entity will show your ownership percentage.This meant that even if the mortgage note was in the LLC's name and the title was in the LLC's name you'd still be hit with these properties as financed properties as long as you owned more than 25% of the company/entity.Fannie has evolved their language on how they count financed properties in late 2017.Now their emphasis is on you being "personally obligated," on the note or basically if you're personally obligated on the note/mortgage/paper instrument.A real life experience or example is that most local credit unions or community banks that use the same loan origination software  will make you sign make you sign the mortgage note as a manager of your LLC however the personal guarantee (PG) is a separate document.

Because of this, you have just opened up 1 or more slots available for additional Fannie Mae financing.

@Steve S., Lots of moving parts to your scenario. 

I would have a lawyer draw up your actual note & pg but that should only help you attract more family + friends to lend to you.

Hello Investors,My name is David Edge from PG county, Maryland.

I am interested in starting to look for small multi-family (2-4 units) with a business partner who hasn't used any of his conventional loan slots.

My first deal is by mean of convential financing (20% down)  I have read that a bank may flown upon having the loan in the name of the LLC  even with a PG -thanks 

Need help breaking down Plan 1 & 2 (pg. 52-63) from The Book on Rental Property Investing by B.

You will get higher cash flow in PG county, but with properties more subject to variance in economic conditions and low to no rent growth.