Meghan,I insure several 2 unit Condo Associations.  

Doing so will likely eliminate all extra cash for several years, keeping me from investing.

As you mentioned, I have been thinking of Multi units and / or several SFR vs currently having everything in one SFR, to diversify. 

There are several lenders specializing in such, here is a list that you may find helpful:https://www.biggerpockets.com/blogs/2810/50272-lis...You can do cash-out refi, but you would have to wait several years before you could do that, most lenders will not use appraised value until 3 years after the purchase, they will use purchase price as the value.

Several members have pointed out the risks and pitfalls of buying there and some ways to mitigate those risks.Major risks are: 1. unacceptable, but unseen damage2. title defects, leans, and second mortgages convey to you3. entering the property risks in legal issues and getting attacked4. bidding gets out of hand running prices up near mls valuesStrategies to reduce risk:1.

Several years later, after serving in the USAF, I landed in Illinois.

It will like change several times.

I haven't found anything that says you can, but I have found several HUD documents determining CLI (Cost of Living Index), Fair Market Rents by State and County as well Section 8 rent values.

There are ALWAYS exceptions.That being said we have converted a one car garage into two more bedrooms on several occasions.So you answer lies in where do you see this property in ten years.

Hi everyone - recently purchased several multi-family 8+ units and a commercial office space and insurance carrier says that fire extinguishers need to be installed throughout and inspected annually.