@Douglas J AndrewsHi Douglas, if you are intent on this property your best bet is to get it under contract with contingencies.A key element in making your purchase offer is doing a critical path analysis to determine the steps, time, players and capital needed to pull the deal off.To save yourself time and aggravation, make your first pass offer the the form of a term sheet.

There are a couple of things at play here.

David cash purchase can get you a refincnace with cash out as high as 80%.Your fico score will also come into play here.

There are too many variables in play, some are tangible and some are intangible.

While TK may require little of your time, switching to an active role of a syndicator or even buying a commercial MFH will require more time from you. 2) Your personal "Why" will play a significant role in executing the plan of being an active real estate investor.

The other factors that play in the analysis are CapEx, property management, mortgage, etc. 

Again it matters who you are borrowing from or if house hacking or partners come into the play.

Real estate is a long term play.

I no longer cared about laughing at a bosses bad joke or trying to play office politics.

At this time, Bay Area MF is definitely not a cash flow play.