Since each county governs this exemption it was very difficult with some counties and still really annoying with other counties.

I'd like to be able to put down 10 or 15% but I am finding that it is a little more difficult to buy a duplex than it is to buy a single family residence.

It is an 18 unit building in a very fast growing neighborhood and just by doing simple due diligence(50% rule, cap rate ratio) it should be pretty profitable.

USDA loans have some big limitations- the property must be in a USDA area and you have income caps.  203k is a great option if you find the right property.  

No CapEx) Monthly profit: $70.46 (so basically nothing)Cash on Cash ROI: 0.79% (ouch)Cap rate: 8%As you can see, the numbers are grim...My options as I see them are as follows:1) HELOC to gain access to this equity.

I avoid areas that have extremely difficult tenants in general.

I am looking into a 4-Plex in a C class community with 11-12%CAP Rate.

So I was curious...How difficult would it be to convert to a large single family?

I realize it is difficult to find a deal in the mls so it is possible I am missing something big here.

It will have huge negative cash flow when you add in items such as PM (use 12% because while the rates are lower there is typically items like re-sign fees, find tenant fees, and contractor service fees), vacancy, maintenance/cap expense estimate, and miscellaneous.