@Obed Bermudez You can fund the reno for the entire building, all units, on an FHA 203k, assumingthe property passes the FHA required self sufficiency test and borrower occupies one unit -- (required on all FHA 3-4 units, not just the 203k).

How will you manage a 6 unit building that doesn't generate sufficient income to pay a property manager?

Your down payment will generally need to be bigger and you may need to prove sufficient reserves amongst other things in order to satisfy your lender.Of course this is not relevant if you're not going to finance the deal, but most folks do.Let's think about the property itself for a moment.

You would have to construct a deal that benefits the seller and the risks that they are taking on you, but also making sure you can make sufficient cashflow from that deal @Albert Bui @Carlos Valencia

However, in my experience, a license alone may not be sufficient to achieve proficiency in this field.I am planning to launch a beta testing group for a new real estate development pro forma that aims to teach literacy and pro forma modeling from the ground up.

You are starting off with a $10k to $15k deficit by not checking the Agency boxes, that deficit needs to be zeroed out one way or another (fees, rate, terms, etc) before the portfolio lender can even consider making an actual profit (relative to the other opportunity, lending that $500k to a vanilla ho-hum W2 couple buying a primary residence, etc, where there's an automatic guaranteed freshly minted $10,000 bill [it's a two-party bill, btw,  Trump and Biden's faces both appear on this $10,000 bill together] guaranteed to come their way).The sticker shock is sufficient that I try to avoid quoting non-Agency portfolio rates/fees/etc entirely, unless someone specifically requests it. 

@Aaron KellyAre you aware of the self-sufficiency requirement for an FHA loan on a 3-4 unit property?

@Eitan Daddai'm going to be direct.do you have sufficient funds to BRRRR?

If I'm buying a multifamily property can I use the income they would produce as STR's to pass the FHA self sufficiency test?

Also you will have very little likelihood of using a FHA loan on a 3-4 unit because of the self-sufficiency rule. 1)There is no problem paying $900 mortgage insurance, if it means you have the opportunity to purchase your first property and learn a lot through the process. 2) I can't really give you an average, it wouldn't be fair because not all variables are equal 3) Just like with any househack, the criteria needs to fit your needs, goals and expectations.