What are my options here? 

The city offers a strong rental market and with affordability as well as a median home price below the national average, the city stands out as an attractive option.

Hey @Duane Bowen, you'll have several options to finance the rehab, especially that you own it free and clear!

If you want to use leverage 2-4 units probably gives you more financing options and also widens your pool of buyers for exit strategy. 

And points are optional of course!

For cost effectiveness we are using Citizens but he has several options to choose from.

Most people will not qualify for this, Fannie multifamily is simply not an option for someone new to this asset class.Bank - This is a Texas headquartered bank. 25 year amortization isn't the sexiest, but that's a human-attainable interest rate with very modest points/fees, with a short prepayment penalty.

No matter what option you choose, it's going to cost you.I recommend you get them out and then consider selling the property and investing in a State with fair laws and court systems. 

I also want parents to have the option to back out in 2-5 years if for whatever reason they no longer feel comfortable or want to invest somewhere else.We would prefer the loan from the parents.

**Customization Options:** Early buyers can often choose finishes and layouts and pick the floorplans and floors they love the most, adding personal value.3.