Use the loan that I just used to buy my first duplex in MN: Portfolio-Conventional Loan with only 3% Down Payment and NO Mortgage Insurance (yes this loan really exists).

Non owner occupied loans are for investors and you have to go the conventional loan at 20% down from a bank.

I’ll probably be getting a 203K loan if the property needs repairs or a conventional loan (5% down), so I don’t know if the getting preapproved is an important step for the time being.I want to thank everybody who took the time to read this and looking forward to the great advice I will be getting.Happy investing!

You do not want to spend all of your time looking for a long shot.You might find outside investors will pay more of a premium price for inventory than a local investor.

I used a in-house conventional loan on my first duplex (does not work on Triplex or 4 plex) and must be owner occupied of course.  30yr fixed, 3% Down, no mortgage insurance (way better than FHA).  

1 unit is leased already Terms offered : FHA, Cash, Conventional

With decreases in inventory and increases in population prices have continued to quickly rise in the city limits.

Due to their being a foreclosure sale date set we knew there was a limited amount of time to find a buyer which eliminated our chances of finding conventional loan buyers as we would need to do a double closing to exit this deal and this may have taken longer depending on how fast the buyers bank would complete their end.

@Albert Smolinski Typically, investment / rental property loans are 20-25% downpayment conventional 30 year fixed rate loans.

The primary difference is in how you finance the purchase. 1 to 4 units can be financed with conventional mortgage financing, however when you're purchasing five units or greater in a single transaction, typically you will need to use commercial multi family lending companies.