Example being, owning three houses that equal $1,000,000 in value, or owning one $1,000,000 multifamily.

Basement bedrooms/bath/living doesn't equal above ground bed/bath/living...and in most areas, doesn't come close.Also, being on the border of what could be a better market than the one this property is in, doesn't change the fact that this property isn't in that other market.

Both loan options equal out to about the same per month on the mortgage.Anything I'm missing here that we should keep in mind when making a decision?

Banks generally only start requiring estoppels on 5 units and up, but in my opinion they're equally if not more important on the small 2-4 unit MF transactions as it's often difficult to get hard numbers from sellers on those in general.

If you wish to sign the loan, the only requirement is that you have a net worth equal to the loan amount and liquidity equal to nine to 12 months of loan payments.

@Mark Rogers an equally joint venture split is usually how we start. 

You both seem to be bringing a vital part to the table... but as the originator of the deal I don't think I would drop below 50/50 on equity if your financial contributions are equal.  

All of this has to equal 75% or less than the after rehab value and if you are at 75%, expect to have to come to closing with money for the closing costs on the new loan.I hope this helps!!!

The verbiage of my lease agreement from Apartments.com says that "Resident agrees to pay a Security Deposit equal to $___ on/or before signing of thisLease. 1) Why would you want to exchange monies ever without a written agreement in place?

Contractors are not created equally.