Any properties that you want to put under the loan has to be put into a separate/distinct entity that you only put these properties under.

In the discussion that ensued he laid out property condition spectrum with three distinct points of reference: Fully Performing; Value Add and Rehibilitation Condition.  

The key distinction is the bank, since it makes it's own guidelines can waiver from those with more autonomy.  

It is a fine distinction, but it depends on the type of closing you have.Final Word of Advice...No matter what, keep in mind that your Broker is the one who has to ultimately keep the lights on.. pay the Errors and Omissions Insurance, the staff, the Internet,  and other things to keep a brokerage open and functional. 

But hard money lenders, particularly those that lend on real property such as real estate, are distinctly different from pay day lenders.

They're a lot more common for larger dealsFun fact: some lenders with nice terms require a distinct LLC be formed for the project

I distinctly remember there were things they did with the hot water heaters, and they were advocating replacing the rubber hoses on appliances that use water (such as dishwasher, washing machine, etc) with some kind of metal hoses that are virtually indestructible.There was a goldmine of information about good preventative maintenance steps for rental houses...

What they fail to realize is that most millennials like me make no such distinction.

@Yousef RedaIf this is a real quadriplex (4 distinct units, not just 4 separate rooms in a house), then the minimum downpayment possible is 10% and this would be a high-ratio, insured, mortgage for an owner occupied property (meaning you would need to reside in one of the units).  

If it's truly 3 distinct SFRs and you want to use Fannie/Freddie financing, it'll be 3 contracts, 3 escrows, 3 mortgages for $40k each, 3 sets of closing costs, etc.That being said, with loan amounts this small, I'm guessing that commercial or hard money financing might just be better if you can find someone to blanket loan on all three at once just for the sake of 1 set of closing costs.Using fannie/freddie financing on loan amounts that small, the closing costs start to become a ridiculous % of the loan amount.