I find that the initial leap into my first SFH purchase many years ago is not nearly as unnerving as the leap of faith from SFH to the Multifamily unit arena. 

And finally there is a lifetime adjustment cap, or the total limit the interest rate can increase from the initial rate over the life of the loan, commonly 5%.  

TY very much for your guidance, @Dmitriy Fomichenko.Lenders (at present time of Sep 2021) who do not initiate Non Recourse loans:1. 

Here is my plan: - Purchase a distressed SFH using a conventional loan (5% down)- Live in that property for 6-12 months while rehabbing it- Cash our refinance - Purchase another SFH as my new primary residence and plan to live there for 3-5 years- Rent out the initial SFH and cashflow a reasonable amount - Continue to save money from working + build equity in the initial SFH- Leverage a 1031 exchange to sell the initial SFH for a distressed multi-family property (using my own savings to supplement the down payment)- BRRRR that multi-family property and keep repeating from there Here are my questions:1) Would I be better off forgoing the two SFHs altogether, and continuing to rent an apartment until I have enough money saved up to buy a multi-family property as my first investment? 

We offered an initial $10 earnest money and $825 earnest money on the 21st day.

The house gained $100,000 equity since the initial purchase.

What if the initial listing price had been $450k?

There's a lot to talk out still but I'm initially trying to determine if this would even be an option and absent a BRRR, I don't see it.

The initial cost seem low compared to other businesses.

We were initially thinking we would do one loan but the flexibility to sell these duplexes individually later is appealing, as we believe we could sell them for more money that way.