The big guys have regular guidelines to follow.

With myself as an operator I would offer the following: underwriting the deals, a detailed scope of work, a detailed material list, the labor, and the management.  

This is because DSCR loans do not follow/ pass consumer protection laws. when you live in the property, it creates massive problems for this loan type and the lender which would issue it to you. 

Copenhagen is too expensive.I'm trying to assemble a team of the following:- Carpenter- Someone who knows the legal side and. is handy with tools + can talk to people. - Me, I know the financials.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

Quote from @Anil Shah:  Short answer - if they originate a loan that they want to sell to Fannie Mae and Freddie Mac, they need to follow their guidelines.

If you want to be mentored your best bet is to go work for a company - most CRE is not a single individual and CRE is fast moving and things happen fast and you can't structure a "follow me to learn" without working for someone 

Have you followed either of these paths?

Owners cannot recoup these costs through higher rents, meaning they are effectively being penalized for trying to improve their properties.Instead of discouraging responsible property owners who follow the permitting process and invest in meaningful upgrades, we should be focusing our efforts on ensuring that all renovations are done legally and safely.

Let them do the follow up and paperwork and maybe lead cleanup, but you do the dialing and talking yourself for much better results.