The lender's projected rate shot up drastically once I made the post, but after the appraisal came back (exactly the same as list price), the rate dropped back down to what it was before (5.35%).I ended up buying the rate down to 5% at a $230 fee.I'm still not entirely sure why the rate shot up so high, but I guess the takeaway in this situation is to not panic until you have rate lock numbers from the lender.

I guess I’ve always seen/heard/read that you need a commercial loan once you get into the 8+units.

I guess I take a different stance. 

I guess that would take one complicated step out of it.

I guess if the lock down removes the risk of the interest rate going up then it also doesn't let you leverage a declining interest rate.

In the dozens of larger MF complexes I've appraised, I've never had to "guess" regarding expenses or the NOI.

It is hard to compare, but I guess that is what we are doing in this form. 

It's possible the tenant is better at this sort of work than both of us but you never really know...If I were in your shoes, I'd have a licensed contractor do plumbing and electrical but that will cost you more.I guess it comes down to whether or not you want to pay more or take a chance the tenant is doing it correctly, in which case you can simply be happy that the tenant is happy and also that he's saving you $, at least in the short run.

I guess by his tone his sounded really desperate, but that's a great point on the foreclosure...lots of time till that.

Unfortunately, I don't know you are your abilities so I can't help much there.Without seeing it, my guess is that it would take some work and additional money.