If it is a direct lender you are able to work to find more favorable terms because they usually determine their terms on a deal by deal basis. 

Quote from @Matthew Beninate: Quote from @Sarita Scherpereel: Quote from @Seo Hui Han: You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them. 

Pre approval is in progress, and looks favorable.   

The terms may be more favorable, if you are just starting out a bank maybe nervous to do 3 at once, therefore their perceived risk will likely be reflected in less favorable terms.     

But here’s the thing—right now presents a unique opportunity to scoop up investment properties under really favorable conditions.

A lot of the podcast episodes from the early 2010s were based on that market at the time, biased both temporally in favor of the early 2010s, and geographically in favor of Colorado.

one thing is your lending your money way under what private money should charge. unless your just doing your friends a favor..

The only other option that comes to mind is to make the improvements and try to achieve favorable rental rates to push the story that 2 BR homes rent for a premium because its unique.

To transition to multi-family properties, research landlord-friendly states like Texas, Florida, Tennessee, and Indiana with favorable eviction laws, lower taxes, and higher rental demand.

I have family in Houston, Dallas, and the Valley, I was networking with brokers in San Antonio, but the Taxes seem to be quite high as well in that State, although much favorable laws/regs on the landlord side.