The costs involved are about $100.000 all in (permits, engineering, architects labor , materials ) - I’m thinking that would be a better long term Investment than another SFH . 

Hello Joe,Congratulations on your purchases, if you are ever looking for a DSCR loan, please let me know, we do rental loans down to 1.1x and up to 75% LTV on a cash out refinance, or 80% LTV on a rate and term refinance.  

My question is, since there is flexibility with the building itself, what would be best loan option to go with that would work for this property in terms of best rates, lowest down payment? 

I am convinced that rates will need to hold relatively where they are as a best case scenario.

I hesitate to use the term "slum lord" but the conditions some of these residents are living with are not healthy. 

That's a little easier.Go to Redfin, find 3 properties that had a short DOM that sold recently that are comps in your market, look at the level of finish and design layout and make yours look like that. 

If your investment is only a good investment if everything goes perfectly then it isn't a good investment because if you hold a property long enough it will not go perfectly!

Short-term rentals (STRs) can be lucrative, though there are headwinds ahead in Houston.

Investment Info:Large multi-family (5+ units) buy & hold investment.

I do owe him 5k and told him the checks were ready for pickup but still no response 1- You hold that 5k until…2- Review the details in your contract, specifically Scope of Work, release payment descriptions3- Review contractor default or termination clauses or language in contract4- Review permit status with municipality, if permits were pulled.