They said it is usually faster but someone that handles it was out of the office.

Expect to spend a considerable amount of your time speaking to people.Expect to work dozens of hours/week with little to no immediate result.Expect most of your early interest from potential clients to come from your sphere of influence.Expect to go 3-6 months without getting paid (unless you do rentals which usually pay faster)Expect to be bombarded with distractions - mainly, people/companies marketing to you so that you choose their system for quick and easy buyer or seller leads.

Also, the banks that did approve me told me that they could only use the rental income from the other units (75% of it) for an FHA loan, not a conventional with 5% down (which was my goal to avoid upfront PMI and have it automatically drop off at 78% LTV).

Happy to connect for coffee and chat more about your goals. 

The reason i like working with Mark (along with the quality of what he puts out, which is better than most cost seg studies I have seen) is we have a great working relationship that we can readily discuss a client and their goals.

So the goal is to sell the property but remain as a tenant. 

Simplifying to a single operational entity (Series LLC) for rentals and management can effectively meet your goals while minimizing costs.

For your goals, Oklahoma City (OKC) and Tulsa, OK should be at the top of your list.

The overall goal is to have a reasonable way for supplementary income, not necessarily interested having my than one rental.

I just keep plowing money into the mortgage  my goal is not to have it hang around long term so I would avoid the recast idea .