We currently own a home and am looking for a small multifamily property in Grand Rapids to start out with our 18 yr old daughter who wants to live in one of the units.

@Andrew MaturanaTo gain a competitive edge in the hospitality industry, explore creative ventures, Triple Net investments, house hacking, syndications, joint ventures, and leverage business acumen, networking, and resources.Good Luck!

“Should I start with a condo (about $400K for a studio/one bedroom) since that would be less than a single family home (800K+)?”

Is this a long term rental?  

If it is that, then just replace the old one with a new one you should be good to go. 

You can determine what a decent salary would be for someone in your market and then reverse-engineer to see if what you're paying as a salary, plus the projected performance commission, will get you there.

I've learned over the years that real estate investment is simply a math problem.

After deducting your payoff, you've only got a little left over which would go toward covering refi costs (and you'd likely come up a bit short).

With so many banks to choose from and me already doing thorough research, I was hoping someone had a personal good experience with a certain bank or an individual at a bank who understands our world.

Hi Stetson: I have just sent you a message.