Your friend will have to look at commercial options if he holds title in an LLC.

My average rate is below 4% fixed, and I feel like I should be able to ride right through a recession.I'm getting to the point where I want to start looking at 5+ unit properties, but am having a hard time stomaching the commercial loan terms.

Sinced I'm also a licensed agent I have access to the data. 

@Justin Johnson While @Jeff Copeland is technically correct that commercial buildings should be valued off NOI and not comps, that isn't always the case especially at this stage of the market. 

It's really about larger commercial properties but I think a lot of it applies to smaller multi-family.

Hey BP,Family has a commercial space currently rented by a mechanic in Dedham Massachusetts that will be vacant Jan 1. - Looking to connect and discuss with a local commercial agent about filling the space with a new tenant

I was planning on doing BRRRR but there is a foundation issue that makes it unable to obtain financing.It is a 1200 sq ft ranch on footing with difficult to access crawlspace built in 1952.

In practice, landlords start by having a good lease, then stick to the lease and the law with access. 

I hope in January to begin my RE license so I will have access to the MLS and the ability to see properties without having to wait on someone else. 

I suspect that we will all be waiting a lifetime to see rates back to were they were 2 to 4 years ago.. so I would not bank on that.. as for pricing.. if its a place to live then you certainly can just wait and see.. its not like your homeless or need to move other than you don't care for your neighbors.. markets always slow about now.. what will be telling in my mind is were we are at next Feb March April in the buying season as it were.I was in a conference this week here in Vegas and some of the speculation is that many of the commercial type loans that had 5 , 7 and 10 year calls  are going to stress those that had max leverage.. as the rates rise the cap rates rise to keep pace thereby devaluing the properties.. to the point some of these investors are going to need to bring some to significant amount of fresh capital to pay down their debt to get a refi.. and that will stress those assets and there could be a real buying opp in that sector.. at least that's what I gleaned from the talk I listened to yesterday... hope you find that dream home in the country !!!