Thanks to anyone who can help out - we will do some Internet digging as well, but wanted to start here b/c everyone is so generous with their knowledge!

You will have to make that determination as your correspond with each realtor.

Determining price on a small MF may be more difficult if the comps are limited.

@Alicia Waldman , first, you need to determine if the lender is a direct lender, indirect lender, or a mortgage broker.

@Brian Borchers,You should talk to an experience lawyer in your area to get the facts because there is a lot of hype and misleading info on the Internet and you sure don't need bad advice.

If that number is positive its added to your income figure if its negative you have to qualify for it as a monthly obligation similar to a car or min credit card payment via the typical 43-50% debt to income ratio depending on where your reserves/assets/credit are.If you've held the property long enough and filed rental income the schedule E of your tax return (or corporate return) will be used to determine the net income.The formula for net qualifying income once the tax return is filed is made to seem complicated however in essence it is the monthly average net operating income(NOI) based on tax return minus monthly debt service payment.

I love it people have the determination to close a deal.

The downside to it is that it costs a couple hundred bucks and you need to re-test at ever tenant changeover.When testing for lead-free an XRF gun is used to determine lead paint concentrations on different surfaces.

From purely a financing standpoint, can anyone advise me as to how the 2 types are determined by the lenders?

Establishing your business, any business formation or simply mapping out possibilities will have many legal requirements that you just won't get addressed for your specific needs off the internet.