Quote from @Brian Dolbeare: I’m considering purchasing a small multifamily property in Pittsburgh that I really like, except for one potential drawback: it has 100% street parking.In my current market, lack of off-street parking would be a significant negative, especially during winter.

We have specific and unyielding criteria for this, which we provide to all potential borrowers in advance.

The impact of not having F/f financing is large (>10%) if the appraiser recognizes this potential issue.  

I’m really interested in learning more about your experience.I’m curious about the potential downsides and challenges you’ve encountered with this system, especially when it comes to picking neighborhoods.

We have honed in on a great property with tons on potential here in Richmond, VA.

Be sure you to have offer for potential homesellers to raise their hand... like a Home Seller's Guide.Call expired and ask them how come they think their house didn't sell and listen to what they say. 

I’m currently targeting properties in the $200K–$500K range, depending on the location and potential cash flow.

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

The IRS has challenged simultaneous "drop and swaps," so allowing some time between these steps is advisable.You hit this right on the head with your answer with TIC.You could also potentially do a Exchange Post Distribution (Swap and Drop).

You could potentially put as little as 3% down if it's a single family home and 5% down for 2-4 units.