Hi BP,So I am looking to get into multi family properties in the pretty near future and I just wanted to get anyone’s 2 cents that owns a commercial multi family property and to see how you started.I have one rental property now that I live in (house hacking) and i am in the process of doing a HELOC on the property.

Hopefully this tenant will just pay his late rent so I can focus on the other deal I have under contract lol But I want to figure this out anyway just for future reference and just know what to expect. 

Your story encompasses what I envision for my future and my goals.

So, like they say, past performance not a guarantee of future results.That being said, in principle, you have options if hit with the DOS letter: you can refinance (if in a good position for that) or pay off the loan, or the problem can be cured easily by transferring the property back (and you can play this game back and forth repeatedly with the bank).The main problem you have, IMHO, is the partnership.

@Justin K.Welcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

The purchase price is to be firm as the seller is not interested in re-trading the deal in the future.2.

Plus, the knowledge you receive from the coaching could be invaluable in the future.

Should i keep the home and start buying multi families or sell it to get the funds for future deals?

Assuming you don't care what the rate is or what fees are charged or if it's an adjustable rate mortgage, you can get a mortgage with way less paperwork in the future.

So glad you've rediscovered Bigger Pockets early in your real estate investing journey...sounds like you and your wife already have a solid plan for your financial future.