I'm looking to purchase a 3-family home in Massachusetts to renovate and rent out.

A trusted family member / friend is fine as far as it goes but they are not in the business of providing a service.

@Andy Cross Union bank is more conservative and they like to see conventional applications, you have to show proof to everything unlike Chase bank & other big banks where you can set up your account with a couple of documents and signatures..

I took the initiative to learn as much as I possibly could about the business, particularly small multi family buy and hold.

Through lots of reading and learning we have decided to try to find a multi-family/duplex to live in and rent.

Hi John,Multi family in the  bay area is tricky.

When using the BP Rental Property Calculator to evaluate potential deals, I know that I’m being conservative with my numbers (because I really don't want to mess up my first deal!)

They ended the tenancy when they decided the missionaries would be better supported if they lived in the homes of local LDS families, so they stopped renting apartments.

Looks like a real family effort and all the work paid off. that's how to do it! 

I couldn't have done this without the support of my wife, my family and friends and most importantly the BiggerPocket community.