Buying apartments units that are 100% leased.
Hello. I am a first time buyer looking to purchase a multi (commercial and residential) using an FHA. I have been looking on LoopNet for the lower range of investment opportunities. I found some apartment complexes with business retail included in a small, nearby town that are 100% leased. After putting 2.5% down, my monthly payment would only be $2000. If I rent out all the apartments but one, and only 1 of the 4 business retail units than I would be pulling in $2000 after the mortgage is paid.
I want to do this for passive income as well as a appreciation so I can than purchase a house. I would also live in the apartment complex until I could afford said house.
Would a lender typically give a newbie like me the responsibility of a complex with no management history, or do they typically not care as long as I have the 2.5% down and good credit? Will lenders on commercial typically take 2.5% down with an FHA?
Curious what else I may be looking over or not considering. Thanks!