I dont really have a lot of cash on hand (due to renos) and don't have any big loans or LOC to draw from.I have a background in civil engineering and have a good understanding of residential housing and construction.

For 1.5M downpayment, the target price can reach 5~7.5M if DTI is allowed.Due to the big difference on target price, I raise this topic to confirm whether my understanding is correct or not. 

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For context, this would be for a property I already own.I understand this may be a bit unconventional and people will likely recommend I get a proper quote and have the contractor do a full walkthrough.

Trying to understand what multi family rentals are and learning how I can invest or convince myself to invest into it or learn more on this topic to understand this is not my path.

It is my understanding that I could form the LLC in my state and apply for a certificate to operate in the state where the rental is.  

Is there a formula to understand whether a real estate is class C or not?

Here’s some context: Property 1: >$100k in EquityValue: $325kDebt: $220k @ 2.88% (30-year fixed)Property 2: >$70k in EquityValue: $325kDebt: $252k @ 3.38% (30-year fixed)Extra considerations: - I have $15-20k liquid to use for any of these deals- My current job is relatively stable, but not high-payin- Current properties in TX, living in NY, looking to invest in Mid-West (crazy, I know)- No other debt obligations besides the two mortgagesUltimate goal/timeline: Though a bit ambitious, I’d love to build up the portfolio to 10-20 units in the next two yearsI understand that any/all replies aren't financial advice; all ideas welcome for information purposes. 

Others agents will That's perfectly understandable at that price point.

Really looking to understand our options for financing etc.