If it is less than 3 you are doing it wrong.Also, you should think about doing a light renovation and increasing rents.

I'd suggest buying a turn-key or light rehab as your first investment.

Can anybody shed some light?

That would include downpayment, reserves, and honestly that would be very light, maybe for a property 300k or under.

I also wouldn't want to drive through Clark-Fulton at night to replace a broken light fixture.

I think expenses may be a bit light, especially 10k for initial improvements.

In light of the recent 50bps rate cut, we're starting to see an uptick in requests for Freddie Mac SBL and Fannie Small Loan multifamily loan quotes.

Rehab                20k        I funded it.My new client put 10k into the deal I require that when starting out with a new client.sold in  158 days  148k  Netted  134k  - 80k - 10k ( clients contribution) net profit  Net profit 44k  Minus my funding fee of 10k and my new client made 34K  on a light rehab. 

This is the green light to invest and custody themselves.

That’s not an attack on their service, just the reality of a market data that’s changing at light speed.