Reason why we are asking, is the appraiser will need to justify how value increased by $33.5k.We did a few upgrade ourselves but nothing major that needed a contractor; mostly clean up, fixing fences, changing bathroom hardware, etc. 

So here we are... trying to creatively problem solve. 

We cashed out into an FHA and would like to repeat, but we are ineligible for another residential  loan.My question is , could we find a 5-10 unit building and refinance into a COMMERCIAL loan?

We are currently in the process of reaching out to real estate agents in the area based on research, recommendations, etc.

Ultimately we are working with other people and you never know the reaction they may have when put in that situation.

We have identified two markets that we are very interested in that are not far from each other, but are across state lines.

Not having access to these (which the owner in the scenario DOES enjoy) leaves you with cashflow - but with very little in the way of knobs, dials and levers with which to manipulate the factors that influence cashflow... 

Better to build your own equity through the debt pay down, enjoy the tax benefits of ownership, and garner the equity of an appreciating asset.

We know they exist we are 100% too, There are NOT many legitimate ones out there !!

Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.Buckle in, keep your arms and legs in at all times, and enjoy the ride!