In your situation... 110k investment for a 40-60k margin (not including soft costs) is something that works on paper.... but should be well executed. 

A lot of these are "soft"/qualitative points that are hard to exactly define. 

Leverage varies by market - typically 75%-80%, rates are generally in line with banks, and the property scrutiny and underwriting time is lighter than FHA.Downside is the prepayment penalties are generally pretty onerous with defeasance/yield maintenance and there are hard net worth and liquidity requirements tied to the prospective debt service and loan amount.FHA can be used under the 223f program, which has a 35 year fixed rate fully amortizing term with rates generally lower than banks or Fannie/Freddie, but the underwriting timeline is longer and the soft costs are higher during underwriting, which means it's only economical above ~$2mm.Also of note, FHA will require much higher scrutiny of the property (because the loan term is so long), so projects in disrepair or with deferred maintenance may be in for a surprise when the PCNA comes back.Both are better than bank loans unless you can get a local lender to do a longer fixed term - some aggressive lenders will do so.

I attend a community church called Rockbridge Community Church where I play bass guitar and lead a small group of ninth and tenth grade boys.

If you can increase rents by $50. that is $600/unit increase. an additional $21,600 in annual increase per unit. your pay back would be around 1.5 years. not taking into account increase in utilities if you are responsible, and soft cost.

The bank statement I provided actually had several years of rent because it had the cash proceeds of investments I had cashed out and were in the process of redeploying in different investments.While some people dumb down their resumes so they don't look overqualified when searching for a job in a soft labor market, I'm up front when I do business.

The building is zoned light industrial which consist of a 3000 soft.

They will want some specifics in regards to the purchase but they don't need to run your credit to give you a soft quote.

I would love your thoughts on how I can maintain this rental going forward with some potential pitfalls to look out for.My real estate goals going forward:Potentially buying our own place in SA (we are renting for a year) I’d love to get into the multifamily space and utilize the buy/hold rental method + BRRRPutting a 1-page plan together on my multifamily aspirationsNetworking to learn good strategiesHobbies: bass fishingThanks and I look forward to creating a strong BP network!

If these are condos your going to have a lot of soft costs as you will need to have a legal team draft condo docs and declarations as well as have one hell of an insurance policy since 99% of condo developers get sued (in most cases it’s because the association figures you will settle as it’s cheaper to settle).