what does multi-family mean in terms of rent
Multi family simply means the property has more than one living unit (duplex or above). Usually this means separate utility meters and will be sold as real estate that can be rented out to multiple families. A home with a guest house on the property is generally not considered multi-family. Remember that if you are looking on purchasing a multi-family property a standard residential mortgage will only apply for up to 4 units. Once the number goes above 4 the buyer will need to get commercial financing.