We were able to get into it with a 5% down primary residence loan.

We split mortgage and are both on the loan and title. 

Once the rehab was done I refinanced out of the private loan into a conventional loan as a primary residence.

The modeling of this is actually pretty easy (see link: 42-unit proforma sample), but my model treats the pre-refi loan as I/O, but that can be updated based on your deal.

I just converted a 4 unit to individually metered propane Rinaii heaters and the final cost was about $24,000.

@Bryan HarveyJust realize they provide high returns but it’s my understanding your investment is an unsecured loan.

Also, did you have any other loans (ie student loans, primary residence mortgage, etc) when you took on the $25k? 

Points and loan details are TBD still as we're just getting the tentative process down on paper as we wade into the details. 

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage? 

Good Morning - My realtor came to me with an offer for an FHA loan but they want to move in this weekend.