I’m still researching them though so if there are any other thoughts/not obvious benefits about them - I’m all ears, thank you very much for the suggestion. 

If you do engage an environmental engineering company to do a Phase 1 report, be prepared for them to recommend a Phase 2 that would involve drilling soils samples as their further action recommended.

It also might be wise to start with a smaller property than a 6+ unit so that you might get an understanding of the basics first.Good luck.Thanks for the reply all your feedback is helpful and No you’re absolutely right I’m not ready, I plan to go for it at the end of the year if possible and Florida because My friend and I are planning to move out there but, there are mostly SFH and if we’re going in on something together it wouldn’t benefit us to go for something small.

Painting is not necessary and it apparently was agreed upon by the current tenant since it has no benefit to him. 

One word of caution: value-add and forced appreciation really only apply to property 5-units+ that are valued based on the income approach. 3 unit deals generally don't benefit from this.That said, I'm sure the value of the property will indeed increase due to your improvements.

The benefit I can think of is that I'm getting a much lower rate because it's my primary house, the cons is that I'm taking a big loan, and even it has lower rate, the principal is much higher.My current interest will be 560K (rate of 3) + 150K (rate of 5, if I put 140K down), if I do cash out refin, it would be (850K rate of 3.75)Any suggestion is appreciated!

Also if so what benefits did I actually sign up for because it seems exactly the same as the free account.Thanks so much for your time :)

If he's telling you this before he starts work I'd give him the benefit of the doubt that it's a misunderstanding and I'd consider his new price.I don't know enough details to give you advice but based solely on what you've said I would stop everything until this gets worked out.  

Again, I don't have the facts here and I'm not giving you legal advice, but I think you might benefit from talking to an attorney and getting this all sorted out. 

As long as the numbers work, it will be to your benefit to secure as many units as possible with that cheap 30 year traditional financing while it's available to you.