My friend has 3 rental properties there alone and when I asked him about buying more he said if he did buy it would be there.

He claimed if he didn't get the money he could not buy supplies to complete the job, which would be done in a week(I knew this wasn't true). 

I actually got caught up in the creative finance bubble of trying to lock up properties way over their value just because it had creative terms not realizing that if you were to buy a property at 120% of its value you will never be able to refi or sell without paying out of pocket.

However, there are ways to leverage SBA loans so they can buy a new primary and then look at their current property as an investment property and secure a DSCR loan to redevelop and rebuild.

Quote from @David B Graham: Investment Info:Small multi-family (2-4 units) buy & hold investment.

The pro development and affordable housing advocates use the term NIMBY, but I suspect it is the rare person that buys in a single family zoned area that would be thrilled to have 17 units (qp16 additional units added) in the lot next to them.My initial protege was the land source on this effort.  

If that’s the case you can buy in the LLC, in your name, or in a new disregarded LLC.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I'm currently renting and when  decided I wanted to focus on real estate investing, I decided not to buy in Tampa because of the low MF inventory and in home house hacking is not for me.

Investment Info:Single-family residence buy & hold investment.