clean up $5/sqft,  medium rehab $20/sqft, complete rehab $35/sqf to $50/sqft is a quick estimate.Then work the math from what they say they think their house is worth if fixed up, $Selling price - 10% (cost to sell) - $rehab - $15% profit - $20k cost of hard money and carrying = Max offer.   

Later I met with the owner of the property who had been a licensed electrician and ran a medium sized contracting business from the location.

General Eligibility Requirements For the HomeReady Loan:- 620 minimum credit- property must be a primary residence - 5% down payment required for 2-4 Unit Properties (3% minimum borrower contribution)- 3% down payment required for 1-unit (no minimum borrower contribution)Eligible Property Types- PUDS - Freddie Mac approved condos - multi-width manufactured homes- CHOICEhome As you can see the HomePossible program is an excellent option that offers the flexibility that buyers want.

I really love the idea of owning medium to larger size multifamily value add properties.

My issue is that higher rates, tied in with higher prices will price out the lower to medium income earner.

You could rent it outright Weekly/monthly or use as a short (STR) or medium term rental (MTR). 

Property appreciation is secondary, but not required.I am an out of state investor, with already a few properties in my portfolio.Here are my main preferences:1- Preferably property in decent condition, with possibly some work to be done, without being a complete rehab;2- Preferably B-class neighborhood, or C-class without high crime (for e.g. area with lots of section 8, with low to medium crime).Any advice on which area and what type of property to pick (e.g. number of units) is very welcome.

I've saved enough for a decent down payment on a medium priced property and i'm in contact with a couple agents and money lender.  

From what I’ve found for 2 unit houses in EO, you’re looking at around low 200s for medium rehabs, high 200s for low to no rehab.

This became a favorite because not only could we make enough rent easily, if we put in a medium amount of work we were likely to be able to sell it for a profit... eventually.