CL uses the ability of generated income from the property to cover the debt, using a thing called the DSCR.With MFUs 2-4, the loan can go conventional or commercial, but if you pick a MFU 5+ it must be a CL, ARM loan.

Ok folks, I just got another email from the lead that was generated from my ad on Kijiji.

I wanted to share my project and get some feedback on my first dealI'm 25 years and about 4 months ago my Mom and I bought our first real estate apartment at $90,000, small condo two bedrooms near a college area that generates $517 per room (including utilities). 

If it is not required where you live then maybe hold off, at least until you can get your first deal closed and get the funds generated from that deal.

I trust the company will underwrite the deals and your a lead generator.. lots can go wrong in this business if you have no experience which you indicate you don't.Good luck with it..Craig's list adds could help as well... marketplace on BP is a cheap way as well.

I will try and find a better GIF generator.

My "why" is to build my family legacy extending wealth, in every way, for generations to come.

In truth, I'm a bit too inexperienced to know how to answer your questions, but I'll give it a go.I've read an article on BP that talk about a 7-year (give or take) plan that eventually leads to owning an apartment building with hundreds of units and generating a million dollars per year or more.

The analysis needs these items, learn the terms and you can save the $59 bucks:purchase price (PP)down  payment (DP)   derived financed amount (FA)all numbers are annualized, rents for the whole year are GSIGSINOI  (just gsi less expenses)DSCR (debt service coverage ratio) = NOI / mortgage*12cash-on-cash:  NOI / down payment [how well your cash is performing]cap-rate:  NOI / PP [ how well this property generates cash]for an all cash sale, the DP = PP, cash-on-cash will become the cap-rate.

Have you considered a 2 family to occupy and fix up while renting out and generating income?