To obtain financing it can't be larger than 25% of the total community square footage. 10% of the budget to go towards reservesNo active or pending litigation (HOAs like to go after the developer for construction defects)No assessments (ask for the last 12 months of board minutes in your offer.

@Elizabeth Tiburcio What type of multifamily...small (2-4 unit)...or larger?...

I read this article on this forum:  https://www.biggerpockets.com/renewsblog/understan...From everything else I have read it is my understanding that you can't get a loan against a 401K larger than $50K.  

I finished the upstairs renovations and now have renters in it, but the down stairs is not finished.

Larger places, like apartment complexes, typically pay the water/trash/sewerage themselves because those utilities aren't metered out separately. 

He works on renovations contractor and believes one of the houses he worked on had bed bugs and that came along with him.

So at the end, more renovations needed to be done.

The larger benefit is that tax free gain at the end

Many lenders say they don't have seasoning requirements which is there competitive advantage but they will only lend based off of the purchase price + renovation costs until you've hit their 6 or 12 mo min. 

I'm renovating a 2/1 duplex; unit 1 became vacant a few months ago so I did a full renovation on that unit, went with tile flooring and granite counters.