Sara,I am starting the offer process with multi family properties in metro Detroit as well. 

However, not everyone has the income to qualify conventional, so the alternative route would be DSCR loan where the program doesn't look into your income, instead it evaluates based on the subject property rental performance based on the ratio system.

and if the property is 3 units, but i am doing a large reno on only one unit, can i get away with just making that specific unit lead free or would i have to make the entire 3 units  lead free in order to qualify for lead free at that address?

I understand that the IRS requires the properties be for investment, but since they were gifted, I'm not sure what they would look at to determine.   

You should speak to an real estate lawyer before purchasing this property. 

Another big factor is which state the property is located. 

I am considering getting a HELOC to pull 75-100k for a 25% downpayment on a rental property. 

I recently bought 2 properties.

Half of my properties in the Smokies are under the vineyard category.

Hi there, my wife and I live in California and are currently under contract on our first rental property, a duplex in Bismarck, North Dakota.