Account ClosedI wouldn't use cap rates for the type of deal you're describing, a small multifamily.

I've done some research, it would be great to hear from those who have experience in the area.

I'm financing 171k and using a 5% conventional loan while also taking 5% DP assistance through OHFA.

I currently work in the Information Technology sector as a programmer analyst and am looking to start this exciting adventure toward financial independence using real estate as the vehicle.  

Obviously this depends on the amount of your loan, when you start to pay the extra amount, etc.

I want to be able to borrow against this somehow to give me capital to work on some other development plans that I have.Anyone have any advice on how best to pursue this?

They have all utilities on the property so we use electrical and then every couple of weeks we run a water hose to an external tote we use for our water.

Does this mean they would still get the full $500k tax break?

It could give you insights into how the deal is looking versus what is being reported to you (hopefully this aligns pretty closely).  

Rent actually went down this year.