I'm restricting myself to the 4-plex idea because of financing.

There should be legal documents that spell out the restrictions for the property.

There are restrictions etc but look into it as an option.

While having a criminal record is not a protected characteristic under the Fair Housing Act, criminal history-based restrictions on housing opportunities violate the Act if, without justification, their burden falls more often on renters or other housing market participants of one race or national origin over anotherSection 3"A housing provider violates the Fair Housing Act when the provider’s policy or practice has an unjustified discriminatory effect, even when the provider had no intent to discriminate."

Or, do the 401k contribution now and still be able to invest in REI, but in a somewhat restricted manor?

With Dodd-frank I would think would be very regulated and restricted but then again I see note investors buying performing and non performing notes and modifying themIs there a difference between creating a note and modifying an existing, especially when you are not the current owner and selling / transferring the property ?

Finding her (actually sought her out) and talking with her cemented in my mind there are legal ways to accomplish wholesaling and some Title Agents like her know the correct ways as well as newest restrictions.  

@Amber BarrettCommercial leases have far fewer restrictions than residential leases - essentially basic contract law.   

@Patrick Philip,Well, banks are "flush with cash" these days, but no, they do not have unlimited funds.Also, when banks lend, they impose certain restrictions on the loans, the borrower, the collateral, the terms of the loan, etc. so the note can be sold in the secondary market or be insured by government-sponsored agencies like Fannie Mae, Freddie Mac, etc.Private lenders ("OPM") typically don't write loans to sell them, and typically are interested in the deal rather than the borrower's details.Using OPM down usually means putting some kind of partnership, joint venture, etc. together so the source of the down payment is less of an issue or a non-issue to  the lender(s).Dunno if that helps...

How can I get around a deed restriction on a short sale?