They were willing to lend that way but at a commercial rate = 5.25% adjustable with a 5 yr balloon.  

If you're already in negotiations with the 1st, ask them how much they will allocate to the 2nd mortgage then adjust your HUD accordingly and get everything submitted to the 2nd for review.

Flooring I find that most of what I can / want to do has already been learned but I find that YouTube is helpful as are owner / equipment manuals as well as family resources for knowledge and lastly, this website BiggerPockets has been an enormous resource for myself in regards to the business side of management.

It's a way to adjust to make up for the extra work that I do without changing ownership percentages.

However, if your property is a SFR, it is probably a little on the high-side.There is typically an add-on to the rate adjustments for multi-family properties.Hope this helps,

Are these both already factored into the adjusted cost basis of the replacement property?

List price: $350,0004 units: 3 x 2 bd/1.5ba 1 X 2bd/2baI figured $1100/mo for rent for the 3 1.5 baths and $1150 for the 2 bathTotal Income: $4450I used Zillow and my assessor's website for tax info (although I have no idea what FCV and LPV are)Tax: $95Vacancy: $230 (5%)Repairs: $230 (5%)CAPEX: $230 (5%)Property management: $450 (10%)Mortgage: $1922 (using an FHA loan at 3.5%)PMI: $280Insurance: $70 (based on zillows numbers)Total Expenses $3507Cashflow: $4450- $3507 = $943Down payment: $14000Closing costs: $4000 (I definitely need help with this number)Rehab: $10,000 (pulled this out of my butt, only 1 picture of the outside)Total cash in: $28,000Cashflow for the year= $11316COC ROI= 40.4%I'd just like a little help to figure out if I'm even in the ballpark or if I really need to make some big adjustments to my numbers.

Most home equity loans are adjustable rate, so that is a risk. 

This is a copy and paste from the HUD underwriting manual: To be eligible for a mortgage, FHA does not require a minimum length of time that a borrower must have held a position of employment.

Work with your insurance company and adjusters.