Most of the time, you can purchase a property with tenants already in place, but the leases often need to expire within a certain timeframe—usually around three months—so you can establish owner occupancy.

just looked at their website.. just a company buying land in very common markets were there are thousands of vacant lots ..

“Should I start with a condo (about $400K for a studio/one bedroom) since that would be less than a single family home (800K+)?”

We currently own a home and am looking for a small multifamily property in Grand Rapids to start out with our 18 yr old daughter who wants to live in one of the units.

Is this a long term rental?  

If it is that, then just replace the old one with a new one you should be good to go. 

You can determine what a decent salary would be for someone in your market and then reverse-engineer to see if what you're paying as a salary, plus the projected performance commission, will get you there.

After deducting your payoff, you've only got a little left over which would go toward covering refi costs (and you'd likely come up a bit short).

With so many banks to choose from and me already doing thorough research, I was hoping someone had a personal good experience with a certain bank or an individual at a bank who understands our world.

Has anyone also finished a project since the new rules came to place but placed a tenant meanwhile before they had these?