Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.

I find it interesting that when my company was doing cash out refis like this, I don't recall the explicit listing of these four exceptions... although we (attorney and I) found two of them in different FNMA/GSE policy statements.

Lenders telling me that the only way to get people into loans right now been increasingly using 5 and 7 year ARMs.

I'd rather have that option than a risky ARM like many are doing now.

Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.

Even after overcoming each and every itemized objection, I was still told repeatedly "it's not going to happen" by small-picture people who could not grasp that there's no rule explicitly against this.Ya know what it means when someone who doesn't understand the situation says "no" but can't articulate why?

With a $40,000 downpayment and assuming your DTI permits, you should be able to get into a smaller multi using a 25% down conventional investment property loanSome of the permanent financing loan types I recommend for multifamily investing (in no particular order):- Portfolio loans through local banks/credit unions: They're generally at a 20 year amortization with a 5 year ARM but they can have some of the absolutely best terms out there- Fannie/Freddie multifamily loans: Depending on the size (>$1m) and DSCR of the deal, these can be a great option with 30-year amortization and some of the best rates out there but they have fairly rigid qualifications- DSCR loans through a broker: They also have 30-year amortizations but are more lax on qualifications than Fannie/Freddie loans

I was going to do the LLC myself, but was told everything must be arms length.  

Most small-mid sized CPA firms are going to charge you an arm and a leg.

After arming my self with information in large part from the book (The Multifamily Millionaire) and my prior experience in real estate, I was able to contact and follow up rigorously with the owner of the 5 units.