If that’s true and I’m seeing the value right it’s an absolute no brainer. 

The current owners bought it in 2015 and it looks like a true C in a B class neighborhood.

If he had to address a repair himself he took my mother with him (this was especially true if the renter was a female). 

We all know daytime showings don't always reflect the true neighborhood vibe once it gets dark.  

With all the bathrooms and kitchens, the value of the land is a lower percentage, so more can be depreciated.Residential buildings can be depreciated faster than commercial, to shield a higher amount of cashflow from income.Aside from the above list, multifamily shares a lot of the same real estate benefits as retail, including the ability to drive income and appreciation through your own efforts.FWIW, a fourplex, triplex, duplex are a strange area of overlap between single family and true multifamily. 

If this is an app fee, call it that and don’t risk confusing it with a true deposit.

And if he represents it as such knowing it is not thats mortgage fraud.I cringe whenever I hear "well, its done all the time" which can be true but won't make it right or, as importantly, defensible when things go wrong.

Given the volatility of bitcoin I would be concerned about potential collateral calls if we do have a true market correction.

Thank you @Todor Ialamov Very true that everyone's path is very different, but I think I can take a lot of these ideas and put them together in my own way.

This may be true, but the inventory released is pent up due to expiries from covid forbearance, most likely all of these loans will be heavily scrutinized by the numerous regulators, and will be difficult to navigate.