I don't own any multi family, but I have been investigating to purchase one soon. 

Ask the right questions so you are confident of what you are applying for...All, I was looking to obtain a Unsecured Personal Line of Credit when I went thru Fundwises preliminary approval process.

A couple of months ago I actually thought I had a great deal for well under market value house to BRRRR, but the more investigation I did it turned out to be fairly break even deal after the Refinance step. 

If this happens you may NOT get keys at that time and will have to wait until the loan funds and the Closing Attorney receives the funds.What to check the day before closing Call the closing agent to confirm the date and location of the closing Request a preliminary or final closing statement if there is one Review closing figures for any mistakes Confirm insurance, deeds, trust deeds, and mortgage documents are correct You should do a “Final Walk Through” of the property you are purchasing within 24 hours before closing to confirm the property is in the same condition that it was in when you agreed to purchase the property and that all inspection required repairs have been completed.After Closing Check property insurance (check policy documents, billing and auto-pay Confirm addition to Umbrella policy insurance Check on Title Registration, Taxes, Insurance and Home Warranty - 30 days after closing If leasing, then set up a "Landlord" account which defaults to you to avoid hooking up utilities fees between tenants Inform tenants to make checks to you from now on

@Darvin JohnsonThere’s a fairly new Pm software coming out that I’ve been investigating called Caretaker that looks interesting.

The Department has authority and power to investigate any and all unlicensed activity. 225 ILCS 454/20-10 (as amended).

I find a majority of rent-rolls wrong, essential to use in preliminary underwriting though.

That way when they do cram a few people in there and a fire starts, you are at least kinda sorta covered when the Fire Dept and Insurance do their investigations.....It might keep you out of trouble, but they could say that you had to know that tenants would use that as a bedroom and bust you anyway......

Will have to investigate the door locks :)  Nice!

If it does not hit 1%, I dont even bother to investigate further.