My goal is to be doing exactly what you are doing (deal size, multi-unit size, raising capital, etc.). 

I am looking to purchase a multi-family unit using a good rehab loan for first time homeowners.

Save for 7-8 months and get my 20% down of 10k on it and go to a bank which isn't my favorite option or maybe since I was reading on here that life insurance company's have a very low interest rate and like to invest in multi family buildings that would be another good option.

I'm considering replacing it because:* Can be marketed as a new, high efficiency heating system.* Less likely to break down and need repairs* Will cost about $2K to replace - and I think could add much more (I'd imagine $6-10K) to the appraised value.Is it worth it?  

I self manage and co-manage residential multi-families. 

Often, contracts have a seller representation that the major systems (e.g. heating system, plumbing) are in working order.

I do have additional cash on hand to invest but I would like to use the equity build up in these two properties in addition to put myself in an even better position to purchase either a couple more SFR or a Multi family.Both homes are located in Nampa, Idaho and are financed through a large bank, not a local community bank which I would like to start building a relationship with.I would appreciate any advice.Thanks,Devon

@Raffie Mardickian If I was you I would put that towards a multi-family house preferably a four-plex. 

I know at Fort Lee, VA there were very strict rules on what facilities qualifed for permitted TDY housing.Also, there have been a lot of changes to the DTS system and the Army is pushing hard to get people into the IHG facilities on post FIRST.

Large multi-family apartment investing can be an attractive area option especially for folks that want to invest w/experts that do value add investing for a living and you can help fund the acquisition and share in the profits.