Most traditional lenders don't offer this type of product.

Link below has the general terms, and your rates, loan terms and  LTV's will be MUCH better that hard money.http://www.freddiemac.com/multifamily/product/pdf/...They will lend nationwide.

The valuation of the property will be based more on income production if it is 5 or more units and valued more like a SFR if it is 4 units or less.Are you planning on using a bank in Iowa? 

Some of the new engineered and laminate products can be very good; but to me there's a real quality difference.

If someone buys a brand new product built in the last 5 years states away in a high end area with affluent type tenants then it might work.Marginal areas with older buildings and challenging tenant base it does not.

@Nick YanutolaBecause mortgage interest is of a lower percentage cost than the opportunity value of cash it is counter productive to have equity lying dead in a property.

The BP forums and podcasts have been a wealth of information and knowledge and I look forward to becoming a valued and productive member of the site. 

@Jahan Habib Hard money is a short term loan product.

The one criteria that makes your property eligible for a 1031 exchange is that it is property that you purchased with the intent to ...hold for productive use in business trade or for investment.  

That would be a lot easier to install as a DIY guy so if you have the money to purchase new product maybe that's the way to go?