Aside from arbitrage, I am looking into multi units.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

I believe buildings with five or more units are classified as multi-family properties.

I'm looking to hopefully buy 5 building/10 units in the Birmingham area and my niche is off market properties.

So on a 3br unit where all the utilitites are included in the rent aand paiid by the landlord, you can expect to get up to the FMR as the rent for your unit. 

If you are looking at a 300 unit apartment complex with a $100mm purchase price, then typically you want large, diverse economic, growing cities.If you are buying an Airbnb, well this is a marketing game. 

I have a BP member client who has purchased two oceanfront units there so far and another client of mine is scheduled to close on her first one later this month. 

my hope is to get a nice unit for my son at below 50% of retail.  

I bought 6 unit property in Wildwood,NJ,in November 2024, doing rehab now,  should be done by May 2025I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1031 that can help me?!

I can lend up to 100% of the purchase price and 100% of the rehab costs for experienced investors on 1-4 unit properties.