CMBS lenders have more third party vendors working for them, they have the same (or better) technology, and they have the same pre-funding risk.

After reading books and listening to Brandon and Josh on the podcast, we are convinced that we need to start with a multifamily (preferably a 4-plex).We have been pre-approved for an FHA, and have looked into a 203k Loan.

If you are pre-qualified, and have your team in place you will find a higher success rate.Presenting offers is like sales 101.

Devise a plan for sorting out what segment of the list you will be mailing.Much SuccessSandra Edmond I just called, they referred me to their website at https://www.octaxcol.com/tax-roll-download.aspx and advised me to sort through the links there.

@Nick StangoYour wife's pension could be rolled over to a self directed IRA or Solo 401k to invest in real estate.  

I'm not an agent, but am about to register for pre-licensure classes. 

NOI and occupancy is not very relevant if the purchase price is out of line.If they wont settle on a sale price you have back into the value with a review of the rent roll and operating expenses...certified by a CPA or similar.  

On paper (based on your brief description), I would say you have a good deal but I would dig deeper in to the rent roll. sqft is someone limited for a 4plex alongside those rents that you mentioned.

If I can find a lender that will provide 80% LTV and I have greater than 80% equity, I'd like to roll the closing costs into the loan to reduce and/or eliminate my out of pocket costs.2.

Offer Price: $200KFinancing: FHA loan, 3.5% down payment (already pre approved for this home); 3.875% rate, 30 year fixedRents according to MLS posting: Unit 1 - $1310, Unit 2 - $1100, Unit 3 - $720; Total = $3,130Expenses: I'm forecasting 57% in expenses (more conservative than 50% rule) --> Property taxes - 4.6%Insurance - $1000 policyRepairs/maintenance - 5% of gross monthly rentUtilities - 1% of gross monthly rentCap Ex - 2% of gross monthly rentVacancy - 10% of gross monthly rentProperty management - 12% of gross monthly rentMortgage + PMI = approx $1,043 monthlyCash Flow (monthly): $163Cap Rate: 18.8% (gross annual rents divided by purchase price, correct?)