The properties are then priced at a multiple of the 2024 rents. 

Working through underwriting on a stabilized small multifamily portfolio in the Des Moines / Ames, IA market, and pressure-testing different capital stack and refinance paths.Deal context:Asset: 29-unit multifamily portfolioSubmarket: Student housing near ISUOccupancy: 100% in-place2024 NOI: ~$239K (actual)Status: Off-market, pre-LOICapital structure being evaluated:Conventional bank debt at acquisition (conservative leverage)Equity structured cleanly (no complex JV or promote layers)In-place cash flow maintained during holdRefinance window: 12–36 months to simplify the stack and optimize long-term debtThe goal is to avoid high-cost short-term capital on an already stabilized asset, while keeping DSCR strong and flexibility high for the refi.Curious how others in this group are seeing:Conventional vs. bridge execution on stabilized MF todayRefi seasoning requirements lenders are actually enforcingStructures that preserve cash flow while remaining refi-friendlyOpen to comparing notes with anyone actively lending on or structuring similar deals in the Midwest.Best,Eduardo Cambil

Also confirm if its a planned community sometimes they have multiple HOA (master and local) that this can fall under. 

I was in this program, simply for the "boots on the ground" @3k/month in Philly to test out two deals there.

I have multiple crews and subs that can get rehabs done super quick and finding lenders hasn't been an issue at all either. 

The reality is you were trying to raise money from multiple people which would have required some type of SEC exemption that you do not have.

Quote from @Gia Barber: Looking for some advice….We have one unit with no pets but the second unit we are testing the waters and allowing one small dog.

But instead of closing on the first call, it turns into multiple follow-ups, and sometimes the deal just fizzles out.So my question for the community is:How do you move from agreement in principle to an actual closing?

You may want multiple year of tax returns so that you can average out the income. 

Any property I acquire has to meet a few fiscal tests:  will it cash flow enough to be worth it, is it in a market that attracts a strong tenant base - as well as provides for solid appreciation.