@Michael Baum I could visualize everything as I read your post and I feel your pain.

I personally never would choose this for anyone, I got a screw loose, I have been doing this since 15, by every measure of psychology I am an active addict, lol, but seriously I am, my addiction just happens to be a lot more positive than heroine or crack.

You can buy them going conventional where each property would be 20% down SFR and you would have two conventional loans that you could BRRR them both.Package loans have to be refinanced either together or you must separate them which can be a pain if you only need to BRRR one of them due to value, affordability, renter etc...  

From what I've read, it's a pain if there isn't a title on hand (like a 3 yr reg w/out ownership).

Tenants can be a pain, but if you vet them well (and consistently across all applicants) you will be fine.  

these are Wild times we live in for sure.We are seeing one in four acceptance rates for powerful offers.patience , perseverance and emotional control will be key to riding thru this.We have seen rephrasing of standard language that means the exact same thing work for sellers accepting offers.Not deceptive just creative marketing that worked for sellers psychology.

Growing pains of course with understanding how to property manage, but overall its been a great purchase.

This property has some growing pains involved, we had to do a lot of repairs and we inherited some awful tenants so we took a big loss on these properties so far.

That said, it's more painful if you let an investment property go if you have 25 or 30% of your cash in the transaction.Conventional means the loan is backed by a GSE. 

Big banks are a pain to deal with and are not very flexible.