@Derek Dombeck you are certainly correct that not all loans prohibit an option. 

By the way I’m active duty military and I would definitely have to higher a property manager to overview this rental if I went that route.

I'm sure others on here will expand on, and correct this where needed.

There's no guarantee about how much money you would make but it sure would be an easy way to make extra money and every loan that closes needs someone ensuring the documents are signed correctly.

You should still have plenty of value to add, make a little money and get your feet wet.Or.. go more of a traditional route and just buy a fix and flip with private money.

@Damien Cox,@Bryan Chuchta is technically correct, but it may depend on the laws in your state.

Hello @Taylor WittFrom what I have researched for multifamily underwriting you have the correct analysis.

In addition to what's already said above, Of course do your due diligence from ensuring proper leases are in place, the rent he says is what he gets by checking his bank account or some sort of proof, make sure the expenses he quoted are correct by looking at utility bills etc., title should be free & clear, no zoning violations etc.

Though, if you go this route you'll still have to manage and managers.

Back then they used plaster for the walls so I have had to re-drywall the entire interior, all four floors, install new electrical wires throughout along with a new box, all new plumbing lines, and support beams in the basement to correct the uneven floor.