For example they probably won’t let you add on a super modern addition that doesn’t match the style of the historic neighborhood.

We purchased the home with a combination of a hard money, and then JV between my company and an investor partner I use for a lot of my deals to fund the purchase.

Or maybe a combination of both.  

There are ways to combine a 1031 with owner carry but there is some extra expense. 

In AZ you can go from land acquisition to 200 units in 18 months  at $105-$150k/sq foot and thats with new generation amenities such as garages, modern gym facilities, etc.

The thought for a combination of the two would be 1 leasing/property manager and 3 maintenance personnel.  

This combined with relative low monthly expense can get them to FIRE. 

Hey everyone! I came across a valuable deal in Miami, FL. Its nice cash flowing 5 unit commercial building that is fully occupied and has about 6k income a month. The rents are below market price, so we can do minor r...

Yes, but it most likely will not be for 100% combined LTV between the two loans.

Whether this year's market or next, trust your numbers - there are deals no matter what, but it might take time to find something that works for you.My first multi (JP three-decker) was also a house hack with FHA lending, and it took 18 months to find and win the right combination of condition (FHA has stricter rules on condition, no matter your trade experience), existing tenants, area rents, and location we wanted to live; be patient, be thorough, start looking soon, and trust your numbers.