Other lenders, such as TD are also making noises about adopting this practice.If your broker is good, she should be able to help you plan a strategy on which lenders to approach when.Buying a whole building does not relegate you to duplexes ... you can probably find a quadruplex, quintuplex, or sextuplex in Nanaimo area (maybe a little further afield, say Duncan) in the 300 - 500K range.

If you get to know this market, you'll start finding deals well within your price range, and turn around and sell for a profit. 

I'm currently out of the country on business and my realtor is also on vacation… The location is very specific to my desires and lots that will suit my intentions to build in South Florida are few and far between in my price range/specific location.I'd like to make an offer on the property ASAP but being that it is a new construction/spec build, there are A LOT of issues that could come up that could derail this project and leave me holding a vacant lot unsuitable to my needs.  

I have not seen any duplexes in this area going for 40k.In fact the ones just off emerson to the south, have been going for 60-70k and seem to have gone fast, all the ones i see listed that are similar are in the 65k-70k range.

So far, my research has been limited to doing some basic financial analysis and google viewing the neighborhoods of every multifamily in my price range - up to $750k - on loopnet.  

Due to improvements inside and the shortage of houses in that price range in our area, I think I could sell it for around $140K.

Either way, yes, at times, it ranged from "autopilot" to "try not to panic" to "I am going to kill that person."

Unless Ingersoll has moved since my uncle built buses there 40 years ago, I would be suspect on any quadraplex in that price range (>100K per unit) generating anything near 10% return, let alone 17%.    

Most of my rentals that I am currently acquiring are in the under $200K retail price range and I'm paying significantly less than that. 

Populations in the cities I have been looking range from 1000 - 4000.