Yep, it's about that simple, except you don't get a brokerage license, capital requirements, bonded, state registration, vetted with title insurance, accepted as an originator by the mortgage banker/wholesaler out of a cereal box.

I also learned that if you live in part of the duplex, it can be considered a primary residence and your down payment can be only 15%, but I don't know if the bank takes rental income into consideration in that case.If that solution would work for you, bring it up with your bankers next time you talk with them.

Local appraisers who  are qualified are placed on a list and assignments are rotated through that list.Mortgage bankers or wholesalers who purchase loans from banks will usually have a list of qualified appraisers and the originators follow that list to sell to them.There is an "audit trail" for the method as well that the lender must be able to show, it can be by the date and time of the application with the order for services, so there is no selecting your buddy.This doesn't apply to commercial loans, but it also depends on how many qualified appraisers there are in a lending area, if you have 15 MAI qualified appraisers then rotation would be a good practice, if thee is only 1, there isn't much choice. :) 

@Tamara Elliott-Deering - yes, the bank uses a pool, and I got the same appraiser for the second go around...my banker (a good friend and investor, too) agrees with me this is a good deal (she has no hidden agenda - long time friend. 

I'm just looking at it from a bankers perspective.

The mortgage banker said that I should "try with conventional first as sellers typically like to work with a more streamline financing."

But when dealing with bankers, lenders, investors they want to know that you know what you're doing.  

I am a senior in college who will be working as an investment banker after I graduate in May.

I am a commercial banker in the DC/Baltimore metro area (1 hour outside).

I believe Mark is suggesting you take a commercial loan against at least 5 properties, pay off the traditional mortgages, and then they disappear from your 10 limit count.I posted asking questions about this earlier and my banker confirmed that it "works like that" this afternoon.