The home will be occupied by maximum of 4 people.  

A lease option requires the buyer to occupy the property (which won't work for most investors) or to sublease (which may not be allowed by the seller and may be too complicated and risky for the investor).

I'm willing to leave the property empty for a year to take advantage of owner occupied loans, if that's possible.Here are my estimates..Property: 1,355 sq ft, | 3br 2bath | 8,500 sq ft lotComps / ARV: 500-560k ~ 530kTotal Needed: 340-400k ~370kSale Price: 270-310k ~ 290kRenovations: 70-90k ~ 80kSevere cleaning needed (doing myself)Severe landscaping needed, it's a jungleI'd like to maximize potential value and be at the top of in-area comps, so would like to do a full gutCash on hand: 20k - 30k------------I'm considering,- Seller financing + separate renovation loan- FHA 203K (BRRR)- Fannie Mae Homestyle Renovation (if down payment is below 5%) (BRRR)------------Seller Financing + Separate Renovation LoanPros:Low down payment (via seller willingness) <= 3%Low interest rate (via seller willingness) <= 3%Cons:I'm unaware of how I can finance rehab without a personal loanMust cash-out refinance to obtain equity, conventional loan rate will not be as good------------FHA 203KPros:Low down paymentBundles rehab costsCons:Higher interest rate than the seller financed loanMust cash-out refinance in order to obtain equity and make an investment property------------Fannie Mae Homestyle RenovationPros:Bundles rehab costsCons:Higher interest rate than the seller financed loanMust cash-out refinance in order to obtain equity and make an investment property------------I may be totally off on what would be optimal here but wanted to provide my current thoughts.

Indiana's adverse possession laws require an individual to occupy a neglected property publicly for at least 10 years.

Owner occupied or straight investment?

Understand the financing options available for first-time investors and explore FHA loans or other programs tailored for owner-occupied properties.Networking and Mentorship: While you're already connected to Bigger Pockets, actively seek out mentors or local real estate investor groups in Missouri.

A few things that I have learned are as follows:Make sure one of your units is occupied by a general contractor. 

Factor in property taxes, insurance costs, and maintenance expenditures to ensure your investment aligns with your financial goals.Take Advantage of Financing Options: Explore FHA loans for owner-occupied properties or conventional financing options tailored to multifamily investments.

Our maintenance staff is busy, they're not sitting around waiting for funds, so we have a queue.Is the property occupied by tenants?

@Anton FiliptsovThey don’t allow anyone inside because it’s tenant occupied and tenant will not allow it and it’s not worth the banks efforts to get a court orderYou can go knock on door and say hello and when they open door see the inside but also recognize you could get shot - who knows.