Meaning that for grandma to get that $2k check in the mail, the mortgage balance is going up by MORE than $2k.For that reason, in almost all cases, the heirs will be financially better off supporting grandma than they would be if grandma takes out a reverse mortgage.

Whatever financial rules you decide to set for yourself, just be sure to stick by them no matter what as you are evaluating potential deals.

There are some creative solutions, such as what's commonly referred to as "cash for keys" - you negotiate an early lease termination with the tenant, in exchange for some financial consideration/moving money. 

Sounds like you need a good realtor and not a financial advisor Sean!!

Hi @Natasha Richardson,I recently purchased a Multi-Family with an FHA and would recommend you do the same if you're financially able to.

@Carlos PenaYes, either buyer or seller can "change mind" after signing contract.However, contracts are legally binding so there are consequences if both parties don't agree to the change, usually financial penalties.Check with your local real estate attorney to know what the consequences are with your particular contract and whether it is worth your time and expense to enforce the contract as signed.

I am voraciously listening to as many financial podcasts as possible which is how I discovered BiggerPockets. 

And after I went to the building and safety office twice and some plan alterations, I got the building permit. 

I'm willing to invest wherever it makes financial sense and there's income to be had and a business to be built.

If I meet the other financial requirements will lack of multifamily experience be a deal killer?