But lets say the property does not appraise in 5 years for more and the initial balance is higher than the refinance loan amount, then he will need to put a downpayment to close on the refinance. 

First deal does not have to be a home run, a base hit is what I've usually aimed for and thats how I got started with condos and single family homes and as those properties appreciated over time I utilized the equity to purchase multifamily properties that I could not initially afford.Cheers

Not the BS everyone tells you to do like lists, driving for dollars or cold calling.

There’s a bunch of local CT meetups where people meet once a month to share Deals and listings you may find helpful.

What do you currently have in your list that meets what we are looking for in an apartment building?

The initial premium is likely going to be higher, but she has some carriers that will allow this, depending on what the remediation is, especially if they are buying it as an investment and not a primary.

Make a list of potential markets and factor in your travel time to and from each time you will need to visit the property.

We initially were looking at 3-plex properties but they are mostly listed close to $650k.We saw and have interest in a 4-plex in Irvington, NJ listed at $700,000, fully occupied.

The problem is "sleeper sofa" does not show up in your listing.  

I have owned single family section 8 rentals in the past, and while it was pretty straight forward, each jurisdiction likely has their own requirements and processes.In Cincinnati, again, I was buying properties on the MLS, they used to (maybe still do) use gosection8.com for LLs to list their properties.