However, having a third party take care of the roof, structure, grounds, amenities, etc. is a huge benefit. 

It's completely free and gives you an objective third party to wade through the filth.

Maybe that's a third question: 3. 

If you don't have a high degree of confidence that the lender you've been speaking with is experienced and adept at working with investors, moving on to another lender/loan officer to get a second or third opinion is a good idea. 

@Erica LarenceThe broker said this is third party cost plus point - I will see if I could get a more detailed breakdown.

It’s a three family and two units are rented and we are going to rehab and live in the third unit temporarily.

@Joe Jor, the connection to Penn is the basis for celebration for our city, and a few others, as westchester has never had connection directly to the west side which this will create.

or does the third unit not count because we live there?

However I am glad I didn't because I am concerned about the future of American Universities in general, especially second and third tier ones. 

When a deal comes up, a third entity (LLC probably...) takes Title to the property and your two LLC’s are the owners of that third entity.