Also read the fine print of your heloc  that is the instrument were you have the most risk and 99% of the folks have no clue... heloc's can be called all due and payable and frozen at ANYTIME for any reason at the banks discretion.. that's the instrument U need to be very sure and careful with.

The Business Owners form (BOP) or Package policy are the commercial forms used to coverage a Building or Business. 

(They don't know how amazing our membership is, and don't understand that we sell a TON of books in the first week.)However, the book is still available through our bookstore - along with all the bonus material you can ONLY get on BiggerPockets.com.The Ultimate Package - that includes the audio book, the digital book, the physical book, and ALL bonus items including videos and The Ultimate Door Knocking Guide - is on sale for $35 through midnight, July 23, 2017.

This situation will always be underwriter discretion.

We just sold a package of multi units that were in East Chicago, Indiana.

I think I probably know the answer to this, but if the seller agreed to sell both properties together in a package deal, would that qualify as a four unit property for FHA financing?

Sounds like you are trying to refi as a package?

Get with a really good land use planner in the county or whatever jurisdiction your in.. and or civil engineering firm they have probably already been approached.. the first thing I do when I look at this type of stuff that is in an area I am not familiar with I pay a civil that has a land use component in their office for a due diligence package Usually around 8 to 10k.. and since there is a milske on the line probably not a bad use of 10k to figure out what your getting into... all us in the peanut gallery of BP and the internet can make assumptions but what do we really know.. not a lot really..

Currently have our eyes on a Kanga System since it seems they have the whole package in terms of city code knowledge, and pre fab units.

.** -My point is that, if you don't want to jump into an REI investment right away, look at other options for earning compound interest that would allow you to pull your capital at your discretion (so, not hedge funds etc).