Some things you may want to consider, it is generally a good idea to have a separate lease agreement from the purchase option. 

Your net interest and holding costs are much more involved than just your interest rate, you have to take the time-cost of that money into account. 

Looking at your whole situation to see if you qualify for a regular loan might be a better option that doing a DSCR.

For multifamily, generally unit count bucket is going to determine your financing options, the three general cutoffs are:2-4 Unit5-10 Unit11+ Units

If you ever want to connect and discuss some of your financing options for your future investments, please let me know. 

Considering refinancing options now could mitigate the risks associated with market transitions and ensure smoother financial transitions.Conclusion: Interest rate drops alone will not resolve the complexities facing commercial real estate and multifamily housing.

BRRRR is a great option here and tons of price points.I like @Jonathan Greene Q - Do you want to move to Chicago are you feeling like you have to? 

And yes, I used the TREC contract, it's assignable and is the best if not the most legal option.

Only the first option requires a new deed.However, for a note, a more common way is to give him a mortgage to secure the note, and you'd record the mortgage at the court house.

So if you are planning on keeping it, my understanding is that you would only need to live there for 12 months in order to qualify for low down payment loan options if you wanted to purchase another owner occupied property.