@Damon Pendleton Beautiful.

@Melissa TaylorI would feel the full rehab and flip to be the better scenario where there's a complete makeover and little or nothing resembling the previous situation. 

My inside source says that your area of the country is the free-est and is beautiful.

It's likely that the cost may outweigh the benefits with respect to a cost segregation on a property as small as 4-units but maybe not - it's certainly still an option.To answer your question, yes, you can claim depreciation on the 3 rental units even if you used an FHA loan to purchase the 4-plex.That's the beauty of house hacking and depreciation :)

Little did I know the next time I visited him the house was turned into a penthouse suite in the heart of beautiful Polanco, Mexico D.F.

I think what is missing from your model is anything resembling a plan. 

The beauty of double deposit escrow is that you can use ANY currency as payment, including US Dollars.

OR2)Hey beautiful super sexy amazing such a lovely butt you have pretty seller...Imagine I am a flipper.

I am looking at a beautiful 4 bedroom 2 bathroom home with finished basement near a University I would like to rent out for Student housing. 2 miles from a train station, 5 blocks from the University entrance.

One block is beautiful, safe, clean, old early 1900's colonials and victorians, and LITERALLY one block away there's gunfire because two gang members got into a disagreement about something.