Make the purchase then convert to SBA loan. 

@Connor McGinnis, the strategy is really contingent on the specific market and moreover the tenant base in place.You are looking to achieve 33% rent increase.  

Purchase price: $112,000 Cash invested: $30,000 Primary residence turned rental

Purchase price: $583,000 Cash invested: $35,000 Denver STR airbnb.com/h/cute-denver-5bd

I'm considering purchasing a residential lot in the DFW area to build a house.

When you say "MF" - are you referring to Multifamily and more specifically 2-4 units? 

With a great deal on the first one you actually purchase, you will have created space for yourself to make mistakes.

As part of the renovation, all of these were remedied however the violations were not cleared as I suspect the renos were done without the full permitting.The purchase agreement had a requirement to clear the violations prior to sale but the Seller and I agreed a fairly substantial seller credit to clear the violations as it was recognized there were risks around the renovation work and potential non compliance with permits that I may have to remedy.

We purchased the vacant land on 1/29/23 and built the duplex that spring/summer.

I would be interested in knowing what submarket in SD you will be looking to purchase that 4-plex?