But unless this is a commercial loan (e.g. 5 units or more), anything requiring permission to obtain a second is unenforceable.

My goal now is to get a multifamily property no more than $250,000 and put 20%-30% down, get a property manager, and put an extra $4-$5k per month into the principal to pay off the mortgage in less than 3 years, but I don’t know what state to invest in, I know Ohio is being looked at but I wouldn’t have to time to see multiple properties in person and I’m not sure how to verify the operating expenses of different properties, required repairs, etc. 

If you ever plan to rehab the property and have to pull an electrical permit you could be required to do a complete rewire.

For sure - seasoning requirement will only be 3 months which is generally equivalent to no seasoning for any real rehabs

Use a DSCR loan - No DTI or the same red tape quasi govt loans have.20% down for a purchase and would require roughly 2-3 months reveres roughly for each REO ownedOnly target goal is make sure your market rent is 1:1 with your PITI.

Some carriers will allow you to elect ACV (actual cash value) coverage, but you have to be aware of lender requirements and coverage concerns that come with this type of policy. 

@Jake HillAlso realize if you form a separate property management company then you will also be subject to all the licensing, fees etc associated and required within the state.I agree with the others.

No DTI required and low doc.

It is imperative that you speak with a lender that has been approved by the SBA in order to fully grasp the requirements and explore your options.Creative Financing: You may buy a property with little money up front by using a variety of creative financing techniques, including partnerships, subject-to transactions, and lease options.

This allowed me to proceed with the necessary rehabilitation of my house without having the required capital upfront.