There just aren't enough units to spread the costs across.If you have private financing lined up, that's great.

@Kevin Aud, you might want to check out W2-RE-investing-january-2019-meetingand Austin-private-lender-and-borrower-networking events.

If you relocate and now reside in a new area that is outside of a reasonable commuting distance from the current home.Additionally if you plan on getting a second FHA loan, the lender must evaluate your circumstances to determine the circumstances behind the need for a second FHA loan to determine if it is legitimate or not, items include... length of time the previous property was owned by the borrower, and  circumstances that compel the borrower to purchase another residence with an FHA-insured mortgageThen there is also a big disclaimer at the bottom which reads:Important: Under no circumstances may investors use the exceptions described in the table above to circumvent FHA’s ban on loans to private investors and acquire rental properties through purportedly purchasing “principal residences.”

What: 1) 3 story, appx 2200 sqft apartment building built in late 1880's, all boarded up needing a major gut rehab (# of bed/bath are unknown) 2) lot right next to the above building (don't have the measure yet but it's small, appx. 0.2 acre or possible under )Purchase Prices, ARVs, and asking prices (provided by the potential partner): Potential partner got both of them as is off of a private auction at below prices: 1) building: auction purchase 700k; ARV of 1.3M; asking to sell at 900k 2) lot : auction purchase 300k; ARV of up to 1M; asking to sell at 300k Proposed Partnership: She is funding 90% of the deal through her private lender so she needs to put down $100k of her own cash and she is asking me to put down $50k with profit split of 25:75.

We were able to get a private loan for the property through family and after MANY awful showings, really heroin den and all, we found a three family in a great area, for the right price, and in great condition.

I am ok privately sharing with you both though.

We were able to get a private loan for the property through family and after MANY awful showings, really heroin den and all, we found a three family in a great area, for the right price, and in great condition.We put an offer in based on comps, and repairs needed, which was about 30k under the original asking price.

@Kathy HansenI also heard that but on further investigation it turned out to be false.

Image if I had 30, just 3 x those numbers.Directly investing in a turnkey rental or small MFH is a good way to start to learn and build up the war chest to go into my scaleable investments such as private placement syndications.

Investment Info:Small multi-family (2-4 units) private money loan investment in Philadelphia.