Private lenders would be your best bet...but your play on the rental would be a cash-out re-fi more than likely...I really don't like the concept of assigning debt to your holdings just to buy more properties...your one rental paid off entirely will cash flow more than the next 5 you acquire with debt. 

That's going to be your best bet. 

If the number is negative, you add it to your liabilities.

I'll need plenty of additional information, but I suspect this place would be a quality exercise and/or a worthwhile thread for the community if we did it right.

Likely, they accrue and are released at sale.Your best bet for calculating how much money you will make above the preferred return is based on the projections offered during the due diligence period.

Additionally if you find this post helpful please give it a vote on the right hand side of this post.

Many towns have rent control in addition to the state laws. 

I would first identify the viability of finding additional rentals in this market that fit your criteria for investment. 

Here are the basics, please let me know if you have any additional questions and I’ll do my best to answer: 227k purchase price, 9 units, 4800 gross monthly rents, needs 60-70k in repairs, 350k ARV, the possibility of additional income from an on-site coin-op laundry facility ($250-300)... those are the nuts and bolts.

Not sure if this would be feasible but under certain circumstances you could pull something like this off.More than likely, based on not just having to open up spaces and the space considerations of new duct-work, but also the service/additional metering requirements to get this done to the utility's liking - I'm guessing the capEx required will not pencil this option out.