A good step would be to talk to lenders now, run scenarios by them with the numbers, and see what they would fund/re-fi.

Very commonly found in old homes.

I would call it a red flag if they resist giving you everything you request for your DD document list quite quickly, their speed and thoroughness in response to that shows their willingness to sell imho.When you schedule your inspection you want all your professionals there at the same time to go through a single time, contractor, inspector, and any specialists you think you might need like roofer, engineer, etc.Also don’t feel pressured to make your DD and inspection time as limited as is common in SFR, give yourself 2-3 months at least, again, from when they deliver the docs you request.Besides financial DD you want to do physical DD not just on the property via inspections but visiting the area during day and night, weekdays and weekends, to ensure you have a feel for everything that’s happening at different times all the way around the block.

So the homeowners own the common areas -- e.g. the exterior of buildings (including the roof), the parking, the land, etc -- instead of the HOA?

Are there any common strategies to continue to build your portfolio?

I will appreciate some feedback on the following scenario: I applied for a loan with my bank to buy a townhouse (asking 185k) which will be my primary residence.

If you use window units, you would likely need one in each bedroom and one in the common living area.

its common in multi family in SFR though its not uncommon to have a home inspection once your in contract and finacing is approved. you want to limit your tenants disruptions.. because there is also going to be an appraisal if your financing.. we try to  do appraisal and inspection same day when ever possible.

Scenario: 2 properties, 100% equity, but ZERO Cashflow!!

@Jay West the structure you are describing is commonly referred to as “Syndication”.