Hey Hogan,Welcome to the REI world and congrats on getting your ducks lined up to take the next step.

I agree with the others: financing a multifamily property with more than 4 units is much harder than financing one with 4 or fewer units.Before getting into financing, I’d first step back and ask: what tenant segment does this property attract in your city?

(North Richland Hills, Keller, Hurst, Bedford, etc).Step 2, as soon as possible after this, (within 12 months) I buy another similar property, but I put 20% down on it, and it would be less distressed cosmetically.

It's a great first step. 

The lender has relied on that experience and the overall deal fundamentals.Completely agree this is not where I want to be this close to closing, and I’m taking the right steps now to close responsibly and tighten my process going forward.Appreciate the input. 

But our first step, find out why your expectation was different.  

They’ll push others to their max, let ego and adrenaline do the damage, then step in only if the numbers still make sense.

That’s a big step and an exciting one!

If you are to buy the place, it's a simple 3-step approach: (A) Factor in the costs to your purchase price(B) Institute all leases as maximum 12mnth term. 

Troy, finding a local mentor is solid, and Austin's already stepped up which is great.