We have a moderate amount of risk- we usually have 20% into our properties per lender requirements, but then we update and take out a HELOC or refinance in order to get our money back (and then some).

They usually sell all their notes to Fannie and Freddie.

@Maria Marrero  Dept Service Coverage Ratio or DSCR for short, is the amount of Net Operating Income ( NOI ), which does not include your mortgage, Divided by Total Dept Service (TDS) ( usually mortgage payments, equity loans ) so the formula is: DSCR=NOI/TDS.

Stabilized is usually when all repairs are done and it is almost full minus market vacancy averages.8925 X 12 =107,100 a yearIn fully stabilized older buildings operating costs ( vacancy, management, ongoing repairs, taxes, insurance,etc.) tend to be close to 50% if tenant pays utilities.

The investments are in prime commercial real estate, and usually pay around 5-6%.  

At the six month point, do they usually lower the price again, and are you then usually fighting with a flurry of other investors?

Usually those deals are for folks who have been with them for several years and are proven investors.My guess is, if you're going to be a "cash" buyer, is you'll need to have funds in hand, ready to settle. 

As long as you plan on occupying one of the units and there are no restrictions then it usually isn’t a problem.Occasionally, some programs might be limited to single family only...

In many areas, where it's zoned for one family, there would be extreme opposition to higher density zoning, usually it's voted down.

Remember that when you do a refi, you are usually taking on additional debt.