Maybe they can make payments.

My name is Lalo and I'm new here. i live in Astoria NY and  I'm looking to buy my first multifamily property with a FHA loan or something that requires a small amount for the down payment.

Most hard money work as follows:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

You should never renew a tenant that damages your rental, is problematic with payments, violates the lease, etc.

@Jay HinrichsJay, have you ever had late payments with Garnaco, and if so, how did you deal with them? 

Or use the heloc for a down payment but wait longer for closing.

Two more reasons to stick with individual mortgages:* Liquidity requirements - Let's say you have 3 properties with monthly mortgage payments of $5,000 each. 

I think the rent would make a good dent in your mortgage payment but you would still be paying some money out of pocket after all expenses.

My plan is to raise capital for the down payment through an investor and create an LLC with my father to get approved for a DSCR loan.

It is the only guaranteed payment in this high priced rental market.