There are exceptions of course, but it generally helps to limit the number of deals I am analyzing so the options aren’t overwhelming.

@Zak Boca I too grew up in Tech and have now invested in over a dozen syndications as a limited (passive) partner in the past 10 years. 

The cost limited to $XXXX is on listing agent.

There is an unpermitted bedroom addition in one of the units and there are three full kitchens on the property.I need the FHA loan up to the 3 unit lending limit to really have chance at this and I think it will come down to the appraisal.

Sherelle – thanks ..there are several versions of the 3 % conventional program…there is one that requires income being below county income limits ( see link below ) and there are also programs that do not have the income limitationThe income limit look up is here - https://homeready-eligibility.fanniemae.com/homeready/Pre-approval is open ended with no expiration date ..we can update data in your file as needed ….credit report does need to be rerun every 4 months …Data needs for pre approval is faitly easy and straightforward ..see checklist 2 most recent bank account statements 2017 2018 W2s 2 most recent paystubs 2016 2017 tax returns ( 2018 when available )Copies of driver licenses Completed loan application and signed initial loan forms I have emailed you the same information too .

I can’t get a high enough limit personally to do what I want to do.

If you are just investing as a limited partner, which most of the investors are, there is no SE taxes. 

If the blockage is limited to one unit then you send the bill for the plumbing to that tenant.

No, but you are very limited with who will see it if it's not on Loopnet.

Even if you want to be in a "safe" or "up and coming" neighborhood it sounds like your downpayment will be a limiting factor.