To do well, build a strong money base, keep a good credit score, and look at other loan types besides FHA.

Suppose you have $46,000 mortgage at 8% interest on restaurant, $22,900 SBA loan, $3,900 at 1.75% interest on a microloan, $23,00 on temporary 0% interest credit cards all for the same business totaling $95,000 in debt. 

I suspect the builder has crappy credit and can't get approved on their own.Also, as a former banker myself, local banks aren't generally interested in financing new construction on this size of project or a builder that doesn't have extensive experience in these type of builds, in my opinion. 

When I look for my next property, I work on cleaning up credit, so my scores are as good as I can get them.  

If history is any guide, it won't happen and it is in nobody's interest (including the cartels).

Are you looking for near perfect credit, or are you open to some dings? 

The bank will want you to be working for a certain amount of time and that have certain credit score plus have your financial ratios match what they want. 

We're wondering about various what-if's though, such as what if the people tear up the place, what if we don't want to rent to someone in particular due to references or credit or pets, etc.

I don't accept credit card payments for this very reason.

If your rate is low on the 5 unit, I might consider the possibility of a line of credit for my equity instead of an entire new mortgage.