James, when you start the process from being a single family landlord to multi-family business you need to look at several areas when deciding on the property. Following are the some areas of concern that the lenders are going to evaluate:
1. Your experience in owning/managing investment property, and whether you are going to use a property management company.
2. What is the debt cover ratio for the property?
3. What is the loan to value ratio?
4. Does the property cash flow, and can you maintain adequate reserves?
5. What is the occupancy history of the property, and what is the activity of its comparables?
6. What is the condition of the property?
There are still lenders who are willing to work with investors, but you are going to have to show that the investment is a good business decision.
Please call me with any questions you might have. I wish you great success.