I am only interested in multifamilies ( 3 units or more) I used to budget 50% but since I don't self manage I am thinking 60% would be more prudent.

Have savings you can lend or retirement funds you can self-direct?

@Ricardo OleaI found my self asking the same question's recently since I also had little money to work with in the beginning. 

Why not roll your 401K into a Self Directed 401k and use it to purchase or loan $$ and make greater Returns on it now? 

's idea of a 'self-financing' for when my properties are paid off.  

I'm a father of 3 and a self employed financial advisor for 8+ years.  

However, I assume you intend to self manage your rentals.

Its called the self sufficiency rule.- you cannot use non occupant coborrower for income purposes or you may have to increase your down payment significantlyAs for other underwriting guidelines, its pretty much the same as any other FHA loan.If all units are occupied you'll need atleast one of the tenants to write a letter to state they intend to move out by the date of closing.

To quote Lil Wayne: "Real G's move in silence like lasagna" ("G" as short for a gangster, hustler, a self-made successful person)It's a funny play on words, but like a lot of rap lyrics, it's actionable advice.

Sounds like you might want to look at moving some of your IRA money into a self directed IRA.Hope to see you at the next Meetup.