The HML will want some skin, plus you'll likely need cash to cover the first round of rehab, pay interest during the loan term, maybe pay points up front, cover utilities and insurance until the property is sold, and possibly cover rehab cost overruns.

And until I get a home, I'm paying 650 a month for all living expenses (housing, food, internet, utilities).

How can I utilize the equity in these homes to branch into multifamily/commercial properties?

This house is in already good shape, lets say it will need $1.5kBoth of these homes are located on the same street and I could easily collect $750/month + utilities.

My long term goal of the building is to refurbish all units, convert the dining room to a second bedroom and finish splitting out all of the utilities.

The members here will not only share information with you but also help you when you have questions and provide support when needed, so make sure you fully utilize the help.

Definitely, look into Real estate sales training as it will also provide you with an excellent education on how to find and utilize OPM (other people's money).

Welcome, and what a great way to find a niche utilizing your experience.

Gas and electric utilities are split; water is not.

Building is roughly 6000 sq ft, 3 story with a commercial unit on the main level and 4 apartments.Current rents:Commercial space - $500Apartments - $300/ea (Tenants pay all utilities)Light on top of building that banks rents $126Total: $1826 per monthPurchase price - $92k (land contract)Down Payment - $10k5.5% interest on 20 yr mortgage with 3 year ballonMortgage payment: $564Taxes - 3300 annuallyInsurance - 300/monthA few things to note:- Rents need to be raised.