There is a vast range of structuring options in syndicated deals therefore there is no one answer or one size fits all.

The only issue would be DTI if your debt to income ratio is within range it would not be a problem. 

@Jessica HuynhWith FHA, you also have the ‘self sufficiency test’ for 3 & 4 plexes which is an additional hurdle that most can’t get over in higher priced markets.75% of the entire rental income must cover PITI, which is why a lot of multiplexes don’t qualify for FHA loans without a bigger down payment.The only way to get 10% down programs will be with local credit unions and community banks that offer portfolio/ ‘in house’ loans for owner-occupied plexes.

What price range house are you talking about? 

The Self-Sufficiency test makes it pretty much impossible to get a desirable property with less than 10% down.Single Family REITS have also greatly outperformed multifamily in the last years and now institutional players are getting involved.

We are looking at flipping in the Houston area and I haven’t seen anything near that price range.

Im leaning more towards the FHA play, especially if I can find something near me within my price range. 

I don't have enough cash to do all the septics, a down payment and still have sufficient reserves.Just wondering if it might work to get a mortgage for part of it which would take care of down payment and then some, seller financing for the rest and then do all the septics at the same time.  

Philly is a complex and dynamic market with a really wide range of opportunities.

Theres such a wide range in quality of work these days so just make sure you feel like you are all on the same page.