Buying multiple properties from 1 seller
Quick background: My husband and I own 1 SFU rental and also rent our 900 sq ft basement apartment for slightly more than our mortgage principal. Both properties were first acquired as primary residences so I have no experience with financing investment properties. We're looking to grow our real estate portfolio by 3-4 units. Since my husband went back to work last year after 4 years as a stay at home dad, we've continued to live on one income while saving the rest. We have 20% in cash to put toward our next investment and mortgages between our two current properties total less than $200k.
Been scouting options to expand for a while. I recently came across a business looking to sell 11 SFUs as a package. They purchased and flipped all 11 houses in 2014 and have then currently rented with rental certificates. I know there is a lot to be gained for doing the flipping yourself but DH and I struggle to find the time to put into them and I'm afraid the amount of time they'd spend vacant would do more harm than the improvement value. Anyway, while 11 houses at $770k is out of my budget, he has prices listed individually on all 11 properties along with its current rental income. Some of them aren't that great of a deal but several fall into the income and cap rate I'd expect. I asked if he would be willing to split off 2-3 and he said he would.
Question: So now to financing. I did a forum search here and saw several suggestions for blanket financing but I don't even know where to start - what lenders should we be looking at who do this? Do we have other options for taking out a $100-150k loan for 2-3 of these houses? Is it worth looking at just doing a mortgage for all 3 separately but at one time? Is that even an option? I feel pretty confident that it won't be an issue of qualifying, just a matter of what type of loan would allow us to do this. We do not have enough equity in our current houses to do a HELOC that large.
Thanks for any insight!