Generally NO, Without a large economy of scale building a smallish multifamily will be way more per square foot than older property plus redo, mostly due to the evolution of building codes.One way around having to step into commercial classification and all that it implies, is to build duplexes (technically residential).

How do you find out the exact classification?

I've always been told that once you get above a 4-plex things tend to get a lot more complicated due to the classification change.

Because of the classification, you should expect evictions and other types of issues you will need to have spend time managing..Good luck.

Check out the IRS website on employee classification to make sure everything is above board. 

If you look at the county website most show the zoning classification. 

How do you find out what class neighborhood a property is in, and is there a website I can go to that would explain each classification?

Today is the 1st time that I heard of this kind of classification for neighborhoods in Jacksonville.

Good advice above.Considering the size of the property with more than 75% of the space is commercial, I would consider this a mixed use property and proceed with the highest classification of use, that being commercial.

I'd have to say that I can create an operating agreement that provides for multiple members in different classifications, like preferred and common stockholders, that can facilitate seperate capital accounts, voting rights, collateral assignments, events of withdrawl as well as admitting new members, buyout provisions in the event of certain occurances and authorizations to sell or buy a property.