If I were to remodel it, in to two additional units would I need to notify the bank? 

The principal balance is what he’s paying for not having the 1 million up front + he has to come up with the 90% (because he out 10% down) so an additional monthly payment is required to eventually pay off park purchase. 

It is critical to find a structure that works well for you.  

Features offered (some just offer lists/data, others offer additional tools)6.

Additionally, I would make sure you still have a mortgage contingency clause in the contract in case the funding falls through. 

For single family I would look in Bergen County zoned for good schools, something that needs work and you can force appreciation through reno or addition.

In the event of a slight downturn it would be safe to build additional vacancy losses or rent reductions into your pro-forma so that your property still cash flows well. 2.

From what I've learned when you cash-out your equity like this, you are going to pay an additional 1% over the normal rates.

I'm trying to get one of these Finance right now and it seems like the lenders are asking for an additional 10% down because it's multifamily is that your experience as well

Also, note that that is in addition to the $450-$550 per unit in repair and maintenance each year.