In a few years when you have enough equity to justify, either a) sell the multi-family and go bigger/riskier or b) hold the property and use the revenue stream to finance the next purchase.

You should look @ the books to ascertain bad debt and other revenue collectability issues.

If you are in the bad or indifferent category you no doubt disagree with my comment, and most likely won't like what is coming next.I have seen some decent property owners get roped in by bad and indifferent property management companies who, once they have you where they want you, use all kinds of tactics to keep you tied to them, including bullying and threats of raising rates, refusing to renew leases of current tenants in order to cause loss of revenue to the owner, and numerous other tactics.

So in effect he is extracting additional tax revenue from voters who’s ire and dissatisfaction won’t effect him.

Grow my firm revenues to $3MM in annual recurring revenue.

I signed an agreement with a Property Manager a month ago and will not have revenue from tenants for another month or two into 2018.My questions is, should I buy a new refrigerator in 2017 even though I have no revenue, but I do have a high income and pay plenty of federal income tax.

I know I am moving to Nevada primarily to get out of sky high Oregon income tax.. but I would suspect I am an outlier.. one I make 80% of my revenue outside the state I currently live in.. so I can live almost anywhere I choose.

Lives in 1 unit and rents the other 3 units for $895, so he's generating $2,685 in revenue, expenses are $1,200 so he's living for FREE and netting $1,485.

My main concern would be getting an accurate evaluation of how much revenue would be generated on an annual basis based on their current portfolio and making sure your particular unit is in the best location possible to help differentiate it from other units during slower periods.Hope this gives a little insight!! 

You can still get same loan terms and generate a lot more revenue.