He knows his stay is very temporary.

Also, some lenders offer construction funds wrapped into the loan, which greatly helps your overall returns by decreasing your out of pocket capital.

I wrote an article about this a while back you might find helpful: https://www.biggerpockets.com/...It references an old study from the 90s, but I think it's still more or less true and a good starting point for this discussion: In 2003, the National Association of Realtors came out with a study on the characteristics that increase and decrease the price of new housing (assuming all other characteristics, i.e. square footage, remain the same).

We ended up finding a great 22-unit property at $5.2mm.Since we are in a competitive market, we wanted to offer the quickest closing possible, so we made the decision to go on margin to make up for the other $3.33mm as a temporary bridge loan and offer a 22 day, all-cash offer.

We ended up finding a great 22-unit property at $5.2mm.Since we are in a competitive market, we wanted to offer the quickest closing possible, so we made the decision to go on margin to make up for the other $3.33mm as a temporary bridge loan and offer a 22 day, all-cash offer.

Eviction matters with a related pending ERAP application continue to be stayed until a final determination of eligibility for the rental assistance is issued by the Office of Temporary and Disability Assistance (OTDA).

Missoula decreased to 4 people moving here for every one person that left, but that's still crazy high.

I read some options about keeping one unit empty and then moving tenants there one by one while renovating their units, which doesn't sound like a bad idea, except that I can imagine it's a hassle for a tenant to move their stuff for temporary units while the other one is being renovated, but I have no experience or based knowledge here so we would be great to hear your thoughts and experiences. 

If your home value began to decrease after you refinanced (to buy more properties) couldn’t you be upside down on your investment, owing more than it is worth? 

Maybe allow for a slight decrease for the top floor, just to ensure you're running conservative numbers.