The appraisal just came back and I’ve got instant equity because the appraisal came in higher than my purchase price.

Secondly, the extra $5k you have to come up with yourself - EVERY time - eats into the benefit.Hint: The useful purpose of applying for a HELOC is to gain you instant CASH (to invest)!

The distinction is that 4 units or less is referred to as residential/small multifamily, and 5+ units is referred to as commercial multifamily.Here are the CO state guidelines for "Motels, Hotels, And Multi-Family Dwellings": https://www.sos.state.co.us/CCR/GenerateRulePdf.do?

Angel,The 2nd lien programs I offer all allow for AVMs(automated valuation model), they provide a value instantly and you'll know how much you can borrow instantly without having to pay $500 for an appraisal just to maybe get nothing.Zach

For new listings, allow a one night booking, but do not do Instant Book. 

I’m a realtor and have completed a CRM on final build so based on a Comparative Market Analysis I would have instant equity upon completion of the build and could sell or refinance. 

The rent roll was so close to 1% of list price (which in my opinion is too high to start with) that I was instantly interested. 

I'm sure I'm missing some other options, but none come instantly to mind.

That would instantly change my mindset from skepticism into excitement.

Instantly I can tell the hottest markets from the normal and cold ones, and separately determine which one's I am priced out of due to crazy high values.I'd suggest a similar value-based approach if you have the data to calculate on to identify a few markets to start looking for deals in, but remember this is still too broad of analysis to make a go/no-go decision on the projects you find.