It could trigger the due on sale clause meaning you would need to pay the mortgage off within 60 days. 

Just doing a renovation or pulling a permit doesn't  necessarily trigger it though. 

Your $100k is your 25% down payment and hold back some initial reserves and closing costs...find the market that meets your criteria for a C-class value-add MF property, build your team (starting with an agent), and pull the trigger...long-term buy and hold...drop all profits back into renovating units and forcing rents higher...take advantage of your equity in 4-5 years and buy another one.

You have to understand those extremely well.

I haven't pulled the trigger on any offers yet, but have been able to make the numbers work by playing with down payment, loan terms, and things like seller credits, were they to be accepted.

Hey @Matthew Gonglik I use Crowdcopia, they will fund a percentage of the purchase and the rehab. they are extremely down to earth and understand what goes into rehabbing a property. they are in Lansdowne if you're  interested.

If it's the former I imagine it's extremely expensive to do this and I would be better off looking into another option.

I know Madison has extremely low vacancy and seems like Fitchburg is quite similar.Any nuances to Fitchburg that an out of state investor should be aware of? 

Seriously, we did an extremely poor job about planning what was next for us. 

You will want to make those connections before going after properties, that way when you find one you want you can pull the trigger and know you're in good hands if you get accepted.