Trying to do flips would be very complex and difficult if not impossible within the IRA space with limited capital.

So I decided to build an addition to enclose that into the main space making it the new dining room allowing me to expand the kitchen 2X. 

@Patrick Nissim the 203k loan is a powerful tool, but it has some pretty significant limitations in the multifamily space.

Hi James,We've talked about it from the beginning and he indicated he might like to, but now, it seems his kids are moving out and he wants to downsize.

. :)  that's how tight those loans are .. now vertical plenty of players back in that space.. and you can get 1 and 9 from West coast lenders on vertical HML s 

Be forewarned, the following is my two cents -- I have no turn-key investing experience (have done research into the space) and live in an expensive coastal city.- It totally depends on your goals.

Last week seller's inspector found mold on the second floor ceiling (crawl space).

If they just want it gone (taxes coming due, want to liquidate for a new car or boat, kid needs braces, cousin Fred is in Jail again and needs bail) Those go right to exclusive clients.

Then, in another building, rehab one unit, add a garage and possibly build out(duplex up) an attic space.

Has 2 kids and friend who makes about 26k a year willing to share a 3 br 1 bath with her and the kids.