Instead of a typical BRRRR deal where I'd refinance and get my money out, I'd like to get a HELOC style loan but on a 4 plex I'm considering buying, not owner occupied. 

Bath, clothes, kitchen. 

Maybe the 8 plex has 3 bedroom units and private yards and these apartments are high rise style.

I've had an appreciation for Florida and Florida-style homes for a while now, and with the growth in Jacksonville, I started to become very interested in this market for investing.

My main issue with this is I’m not trying to male any money off this, I will be using the garage as storage and they are just barely above poverty level income so it’s essentially a favor because we know they will be safe there with little to no issues with the house since it is a slab style bungalow house 2 bed 1 bath. 675 sq ft.

It is not 100% passive but can be passive style income if you set it up as that. 

Let me know your thoughts please." style="-webkit-font-smoothing: antialiased; margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 1rem; line-height: 22px; font-family: "open sans", sans-serif; vertical-align: baseline; position: relative; overflow: hidden; color: rgb(52, 65, 77); letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; height: 256px;">My business partner and I have multiple multi family apartment buildings held as a General partnership.

Clothes and things in garbage bags that they said was for goodwill, relocating sleeping quarters to different rooms for security reason, etc. we had our suspicions, thought maybe lice.

Clothes and things in garbage bags that they said was for goodwill, relocating sleeping quarters to different rooms for security reason, etc. we had our suspicions, thought maybe lice.

I challenged the appraisal - they are using a strict sq footage model for value and since the upstairs is a sloped style they are counting almost 0 of the entire upstairs floor.