@Ryan BeasleyI think you might be referring to Omar's recent post about buying a complex in OH for $18k.

Buy and download the AIA105 contract for small commercial/residential and alter it to include the terms you want - its not rocket science.If your project ends up becoming more complex - or you are unsure/confused after trying this approach first - then consider and architect.

We already have 4 vacant units, which we are happy because we can go in and fix those up quickly and show that the complex can be re-positioned to a "B" class property.  

Sad story of the Loss Payee micro managing the restoration, but Lost Rents coverage was sweet during the process.As I have a 6-unit complex, the mortgage would have still been paid and just zippo for profits for that year as a result, but - - what would be your status for 12 months of no rents?

Sorry @Ned CareyI have a large multi family complex that me and one of my investors are looking at going in on together. 

Take a look at my thread "Diary of a New Construction Project" to get an idea of the complexities of new construction.

Every time I come to town to check up on the property I bring him a bottle of Beringer White Zinfandel, and he lets me know everything that has been going on in the complex while I was away, and gives me a little more history on the buildings.

There can be more complexities to it and it is good to consult with a tax advisor/CPA firm about the most advantageous way to set things up.

Save the financing and mortgages for larger projects, like the 40 unit complex that comes up.

The viable option that seems more promising for my investment goals after single family is to either build an apartment complex or build a strip 4-6 townhomes for the purposes of renting.