Its worth having a conversation with the PM and workout the best way to move forward. 

If you want the federal government to back your loans (e.g. a traditional mortgage) you will need 25% down for a multi-family.Doesn't mean you can't work out a deal for seller financing or work with hard money lenders, of course.

My thought process is, start off with a less expensive property, work out the kinks in my methodology, and have a lower risk while building my knowledge and confidence. 

I am still trying to work out how to frame the time period and details so I don't get myself into trouble, as I do have another Realtor sending me deals as well.

Hey Chris -How'd it work out for you?

You aren't going to get any loan modification, forbearance, or some sort of workout.

With many BPOs, the agent doesn't even go inside the property.That said, generally the lender will let the listing agent know that the BPO is being done, and if the selling agent has a good relationship with the listing agent, they can generally work out a way that the selling agent knows when the BPO is being done (within a couple hours).

That will often work out the same price as an Actual Value policy.

I agree with many others here that multi-family tends to work out better for cash flow here.

BTW, we just shut down a lease-option and installment company here in town, Greenleaf Mtg/sales, where the operators were scamming folks into options and refis that didn't work out.