Start simple or go all in on a multifamily if you have the capital to support potential losses.

Just like I can't use a loan that most Belgium citizens would use....a "Foreign National" cannot use most loans that US citizens get here either. 

I tried to convert a historical house and saw all the requirement the national historic house asked and gave up.

To Sum it up, its a good idea if you can exceed the cost of capital (higher rate than your cost of debt) with what you earn on your heloc/debt you pull out and invest.The question is how much gains above is enough to substantiate the risk of your variable interest rate, well thats up to your personal investing criteria.

I am not sure if I can put zero for capital expenditures, since it is new construction. 

City National Bank is offering up to a $50,000 grant to buy properties in certain neighborhoods. 

@Devin James what your missing is that the sociology changes significantly across this nation. 

Let’s look at the math.Pre-Covid, the National Apartment Association (NAA) released data showing that the average renewal costs between $5,000-$10,000 per unit.

This is the “over night” success that’s taken 20 years.2 - Superior uncommon knowledge, combined with experience and capital and a willingness to take a risk (speculate).  

I would treat this investment capital as temporary, less than one year.