As a buyer you have to prove you are able to stick to a budget, have no credit issues, and have cash reserves if you want to purchase a multifamily unit property.Now its time to hope and pray a multiunit seller in Los Angeles is willing to work with the NACA program. 

Find a lender with a slightly lower rate or willing to forgo points, then take that back to your CU and see if they'll match or beat.Besides DP and closing costs, the CU will probably insist that you have 6 months of reserves set aside.I'm no bridge-loan expert, but my understanding is that these loans are intended to "bridge" the difference between traditional financing and your DP, not finance an entire purchase. 

Shop it around as they are all different.CAP rates are set by the buyers in a market however the bank will do the appraisal so in your case that will determine the value.Smaller properties like this will not be valued so much on incomes as it will comps and replacement cost.You are likely going to need 20-25% down, good credit, enough income to support your portion of the debt and cash reserves of probably 6 months.

When adverse conditions present, the ones hurt the worst are the ones with the most debt.Yeah, I hear ya @Brian Burke, but coming from 22 years at the Federal Reserve I can tell you they are always behind and wrong in the timing of policy moves and economic forecasting.

It’s a great option for getting your feet wet w real estate investing but since you won’t be making your money when you buy, you’ll need to plan for a long term hold with adequate cash reserves.

This requires capital reserve. 

Having a reserve list of managers is necessary as well.

I have older multi-family units that need consistent repairs / reserves for future repairs.  

Then, over time, as my balance sheet and reserves grew, I increased the size of my acquisitions. 

Basically, I will be using the HELOC like a checking account to store my reserves for expenses like r&m, capex, and vacancy.