It’s your place with your rules . it’s a serious matter, because it sets the ground work on where you stand and how you fIrmly plan to manage the property

The coverage of the building is relatively small compared to the amount of coverage allotted to liability. 

Had a property with an out of state owner that was brought to me by boots on the ground here.

The monthly rent is comparable to other similar homes in the area. 

Thats compared to roughly 100,000 sales in the metro area.Purchasing a multifamily in the area is possible, you just have to have realistic expectations and come in with incredibly aggressive offers.

So in short to compare lenders i must have my credit run 4,5,or even 6 times?

@Joe Villeneuve I use the expected cash flow and any refinance events I get a lump sum of cash in 7 years and then the monthly cash flow decreases accordingly compared to the 30 year where I wouldn’t be able to refinance, I have to track the equity in each loan to assume when to incoprate a refinance.

How much will it cost to do the job compared to how much higher rent you will get?

Well here are few that I can think of:- You are an Accountant - who views the reports once a year to do taxes (That is it)- You are a Bookkeeper - you want to do the data entry because it does not make you money- You are a DIY QuickBooks user - who will surf the internet and YouTube for answers and not have the full process, procedure, and solution- You are a CFO - review your financials every day or week, depending on your business goalsNow let's get into the nitty-gritty:- You as a business owner should look at your reports by each property and unit- You should compare your Profit and Loss by:----- Month----- Quarter----- Year----- Previous Year Comparison----- By % of your Income ----- and the list goes onNow about your Equity - view your Balance Sheet and see the difference from previous year how much money you paid and received by improvements and loan, the personal money you invested and more...If you are looking at keeping the books for tax purposes and IRS, as well as use paper and pencil.

@Cameron Belknap FHA loan rules in HUD 4000.1 mention not counting the basement as part of the Gross Living Area; however, part of the FHA requirements found in HUD 4000.1 includes a section on “converted spaces” which states:“The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space…is accessible from the interior of the main dwelling in a functional manner; has a permanent and sufficient heat source… and was built in keeping with the design, appeal, and quality of construction of the main dwelling.”Furthermore,“The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space.