Very high interest rates, Easy times to find deals with conventional loans and hard times and recently the housing bubble / crash.  

Love the time in the market piece because you'll hear so many people who have never bought investment real estate ask why "you're buying when rates are so high" etc. 

Her idea at present is going to be to purchase the house herself (using traditional financing - high interest rate) and make the payment affordable for the family's rent to cover by arranging the sale well below market value and putting up a down payment of 30+ % of her own money, resulting in a PITI of ~1500.

Generally there are three categories of multifamily investment properties – which will greatly determine your loan options.These three categories are based on the number of units at the property.2-4 Units: While these are “multifamily” properties in the sense that there are “multiple units” – you will generally have very similar options for financing to traditional residential loans on single family rentals – think the traditional 30-year fixed rate conventional option or DSCR Loans – and the coveted 20% down payment option too.

I would be very surprised if this was accurately done.That means you are cash-flow positive after depreciation of $1,666 per monthIf the return was filed, you may want to pay another accountant to look over the return to see that it was done correctly.Yes, buying another property, given today's condition of high prices and high interest rates would likely decrease your rental taxable income.

Given my credit is terrible but I only want a small amount of money what kind of rate do you think would be fair?

Review the seller’s maintenance records to identify any existing issues or potential problems.Do your financial analysis to factor in the current rent, estimated vacancy rate, maintenance costs, property taxes, and insurance to determine the property's projected cash flow.

I don't want to move the property to an LLC right now since I am looking for a refinancing opportunity when interest rates go down.

Will the renovation bring in a higher rent rate and pay for itself?

.- An acceptable market entry range with factors such as the property price, down payment, and interest rate considered.- Do I enter immediately when I am financially ready, or should I wait until I’ve reached the projected savings allocated for this venture?