I'm impressed that you got a 90% LTV loan, so I'm curious...

So I was a bit nervous going into rooms with people who live and breathe multi family.I went partially for my own knowledge, and to see Scott speak, but also because BiggerPockets has officially launched our new platform, PassivePockets, this week.

So knowing scope would help narrow down on risk mitigation tactics.I guess at the end of the day, it all comes down to knowing what is needed, order of operations, and having as close to true quotes from reputable contractors in hand.Beyond that, really knowing all that is needed and having those extremely detailed scope of works for each trade before you get your bids.  

We use a hard money lender called Capital Fund!

Once you go to 5 units, the property is technically considered commercial property to banks so you'd need to get a commercial loan. 

Thanks so much. 

I am more so in option two.

This means that net rents (after operating expense or what they call Net Operating Income -NOI for short) has to cover the mortgage payment plus 25% or more.

If so, would be great to hear what groups you've had a good experience with.

A lot of new builds have been popping up on the same street after having lots subdivided, so I do see quite a bit of potential in this property.