There has been a lot of great info shared already but here are the main themes you should consider with specific questions for each: Loan Terms and CostsWhat is the interest rate on the loan?

So, you have to understand your customer as well as part of learning your market. 

I am not sure why you are still considering it.

To expand, @Ben Whittington, Dennis Doss and Anthony Geraci’s firms can prepare a customized set of loan docs for you in any state. 

Probably wiser to deploy just a bit more ($1.2 mm - $1.3 mm) and try and get a 3 or 4 unit property via FHA.Jersey City is very hot right now and certainly worth exploring, but have you also considered Brooklyn, Queens or the Bronx? 

I do have an accounting department that handles the payables.  3.Consider a Maintenance/Construction Division (When the Time Is Right): Margins in PM are thin, but bringing maintenance in-house can be a strong revenue stream.

I do not believe converting to condos would decontrol the building.I own a 4-unit multifamily in Union City and am considering condo converting it at some point in the future, though I do not think rent decontrol would be among the potential benefits of the conversion.

Focus on cash flow and exit strategies, and consider starting with a smaller project to gain experience and minimize risk.Good luck!

It's a beautiful custom home, one of the biggest and easily one of the nicest homes in a so-so neighborhood of Oakland, CA (i.e.

I have a W-2 Job and 3 properties, what is the minimum amount of profit or income should my properties generate for the year for a lender to consider me worthy of a loan, all things being equal.