Anyone answering is not responding as a Tax accountant, Insurance expert or as a Financial advisor.  

Multifamily rentals are a great way to achieve financial freedom, and it sounds like you’re on the right path.My advice?

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

@Austin Williams - Leveraging a VA loan for a house hack is such low-hanging fruit for financial freedom.

Next up is a huge financial hit: closing costs.

If times get financially difficult will people stop eating or will they stop going to the doctor (unless its an emergency)?

if they are pressuring you like this.PLEASE watch the American Greed Episode on Remmington Financial  .not saying these guys wont or don't fund of course.. but when I do my deals with my banks its common that I pay for the phase one and the appraiser directly..  

The factors to consider are your overall objectives, your credit score, DTI and personal financial condition I recommend you find a broker or originator whom you can trust and have them weigh your options.

Id like to put a HELOC on it or redelop it after a few years, the whole points of purchase is this is a booming downtown area lot of development rights etc, dont want to be in a financial structure that banks will frown upon. 

There is an much art as science in financial projections and numbers change with the market.