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Thank you,AamnaJason provided a great synopsis.

Private money How did you add value to the deal?

Depending on the loan size, you could get a 6% rate with as little as 1.5 to 2 points.There are a bunch of lenders than can get you into the 6s with little or no points depending on credit score and loan to value.

Speaking as both an investor and realtor based in FtL, these small MF are very difficult to get into at the moment due to excessively high pricing leading to negative cashflow if you plan to finance them. 

Long story short, looking at a Fourplex that would provide around a 5% COC return in my area given my financials/situation (Gallatin County).

Unless you're buying under market value or with all/mostly cash, it can be tough to be cash flow positive on a rental property here, and extremely unlikely to find any that meet the 1% rule as a LTR.

You just buy for its value minus the assesment. 

If I sell my investment property for 1.3 and the strike value is 1.1 for replacement property, there will be a 200k taxable boot.  

If the median home value declines 20% and interest rates decline to 4.5% for a mortgage, it would bring the down payment to 21.4% of the new purchase price ($85,593 down payment on a $399,200 purchase price) for the average person here to afford the average home.