As a personal rule of thumb, I will only work with local lenders that I've seen around for more than 1 year and have had a face to face conversation with.

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In the mean time they are looking at houses out here but do not want to get a new mortgage at their age ( late 50's early 60s).

In the mean time they are looking at houses out here but do not want to get a new mortgage at their age ( late 50's early 60s).

I inspect about 40-50 homes a month so I see a lot.

Also check with your board if they allow you to buy the other unit as investment and what are the subletting rules.

the 2% rule is just a rule that some people use to sort through many leads to find which are worth analyzing further.

Does anyone have a general rule for factoring in expenses for a 10+ unit building?

My lender told me I could not use it unless I have 25 percent equity in my current home or my place of employment is closer to the new home.. is this true and has the rules changed?

@Conrad Feh  I've looked at land deals like this in the past and the bank wanted 50% down, unfortunately.