Thanks, Scott Mac. 

@Scott Mac All I know at this point is that it is a crane sunnyday 102 boiler and i believe the boiler No is 7-102.

Were the mortgages conventional; specifically Freddie Mac or Fannie Mae?

Hey @Scott Mac, you are right that we can't pay upfront, clearly, the money would be given after the tenant moves and terminates the lease.

@Scott Mac Great, thanks for sharing Scott!

Account Closed For a primary residence you can do as little as 20% down on a 3-4 unit with Freddie Mac (one of the two conventional routes) Home Possible is a low down payment program that may be an option with only 5% down if you are purchasing in a no income limit area, or meet the income limits within the area.Here is some info on Home Possible; Advantages of Home Possible LTV of 97% on 1 unit & 95% on 2-4 unitsMinimum credit score of 620 1-2 units, 3-4 if greater than 20% down and 720 if less than 20% down on 3-4 units.PRIMARY Residence purchase onlyNOT Required to be a first time home buyer Locations considered a low income census tract - have no income restrictionsRestrictions of Home Possible 3-4 unit properties require a 720 credit score with less 20% down.

Depending on the size and stabilization levels of the property, you may have options for Fannie Mae / Freddie Mac loans. 

Freddie Mac allows 85% LTV when you refinance....as long as you don't receive cash out. 

The conventional loan limit, Fannie Mae/Freddie mac is 10 mortgages properties, after that you’ll need an in house portfolio loan or commercial loan.  

I'm running into the limit on # of fannie/mac conforming loans (I thought its 10 properties total, but apparently it caps at 6 investment prop).