@Andy Morris, MF can definitely benefit from understanding and negotiating the CapRate. 

They are ok with market adjustment rents as long as it's within market and amenities are a great value add for the right cost to you as the owner. 

I am hoping to get together with others that want to discuss and learn more about Real Estate, especially Multi Family, buy and hold, syndication, partnering and how to benefit from tax incentives for RE. 

I obviously like seeing you *can* only pay interest for a while, but man that adjustable rate thing makes me extremely hesitant.

@John Wahba On the surface it looks interesting, but after adjusting some figures that I believe are low, your returns will be decreased.First, $10,000 in closing costs seems low to me.

It also might be wise to start with a smaller property than a 6+ unit so that you might get an understanding of the basics first.Good luck.Thanks for the reply all your feedback is helpful and No you’re absolutely right I’m not ready, I plan to go for it at the end of the year if possible and Florida because My friend and I are planning to move out there but, there are mostly SFH and if we’re going in on something together it wouldn’t benefit us to go for something small.

Painting is not necessary and it apparently was agreed upon by the current tenant since it has no benefit to him. 

One word of caution: value-add and forced appreciation really only apply to property 5-units+ that are valued based on the income approach. 3 unit deals generally don't benefit from this.That said, I'm sure the value of the property will indeed increase due to your improvements.

The benefit I can think of is that I'm getting a much lower rate because it's my primary house, the cons is that I'm taking a big loan, and even it has lower rate, the principal is much higher.My current interest will be 560K (rate of 3) + 150K (rate of 5, if I put 140K down), if I do cash out refin, it would be (850K rate of 3.75)Any suggestion is appreciated!

Also if so what benefits did I actually sign up for because it seems exactly the same as the free account.Thanks so much for your time :)