Quote from @John Warren: @Mordechai Chaimovitz cap rates and NOI are commercial real estate terms, and 1-4 units are not really valued in the same way.

Wiring for special purpose equipment would be like having to install 250V wiring to run a commercial walk-in freezer. 

I'm also happy to share access to a spreadsheet where I track Single Family, Multifamily & Rental Inventory for the Pensacola Market(Escambia & Santa Rosa Counties) each week. 

@Kerry Hermann - the posts by @Michael Ewers and @Samuel Coronado were solid advice (I don't know Nita Cook whom Sam referenced, so that's the only part of his post I can not comment on).I second what Michael said about the market here - it was fantastic from 2017 (when I started) through 2022 - then it really started to crater in 2023 (although we still found some deals), and the bottom completely dropped out in 2024 (found one small commercial deal and one residential flip deal in 2024 - that's it). 

I expect a company makes most sense, which leads onto my next question. 3) Commercial Mortgages - Has anyone made the jump from getting financing based on personal salary to financing based on the cash flow from the deal itself?

The direct appeal is to lenders (primarily commercial lenders closing in the $5M-$100M territory).

This allows you to access funds while keeping your existing mortgages intact.Second Mortgage: Explore lenders who offer second-position loans on investment properties, though rates will be higher.Cash-Out HELOC : While traditional banks often restrict HELOCs on non-owner-occupied properties, some portfolio or private lenders may offer HELOCs for investors.With $15-20K in liquid funds, look for deals where you can negotiate terms:Seller Financing: Negotiate lower down payments or interest-only periods.Subject-To Financing: Assume the seller’s existing mortgage while covering the down payment.Lease-to-Own: Lock in the purchase price while using rental income to build equity.

Expert GuidanceThe most obvious advantage of joining a coaching program is access to experienced mentors.

And as my core commercial banks understood that I doing everything i could to protect them.

Also wanting to gain more expertise in the residential/commercial real estate field.