Because of our mortgage conditions, we are going to be moving out of our condo, renting it out, and into one of the 4 units in the new building.My father's conditions for assistance were a loan for down payment, along with funds for renovation work.

I'm wanting to put 20% down and have a 1st position 30 year amortized mortgage with a 2nd position loan (a private loan from a family member) to finance the property.

The plan is to come in and improve the NOI over the next 12-24 months then implement a strategic cash out refinance and move to long term permanent agency debt.

I'm local to Houston as well and develop small multifamily for long term holds. 

@Justin Reyes Let me ask you this...If you owned a marketable piece of real estate and no longer cared to own the property what would you rather do: (a) Sell the property, pay off your mortgage and move on to other opportunities; or(b) Sell the property without paying off the loan,  remain liable for the loan as the note signer and trust the buyer will continue to make payments on that loan, and if they don't your personal credit is damaged? 

My plan is to live in the duplex for the first year as required by my loan and then rent out.   

Friends of ours moved out of their long term residence, a high end condo in Aventura, FL. 

A property worth $100,000 may be able to get a loan of $50,000.

Hey Deborah, What terms are they offering?

Our interests are currently more focused on short term rentals, but we are also interested in many other aspects of real estate investing and looking to make a start.