The main pro for building would be the ability to control where I live while living in the house, whereas most multifamily homes are within city limits and not my preferred choice of dwelling. 

Hi,My name is Bobby Henderson and I live in Aiken ,SC. I have decided that I want to get into a Real Estate Investing. I have begun reading books and articles  trying to educate myself before I start this journey. I a...

Income received prior to that date would be considered rental income.Here's a good article on the facts and circumstances that would need to be considered: https://www.jmco.com/articles/real-estate/lease-options-sale...How it is ultimately treated will affect both the buyer and seller.

So far, I haven't received any negative feedback about these choices.

Quote from @Cheng Zhong: Ocklahawa's appreciation is slow, and it's a choice you need to make based on your own needs, and I personally don't recommend you do that if you're buying an investment at this stageThank you for the response!

You have two choices:  You can appeal them yourself or hire a law firm. 

Ultimately I need 5 units to have experience with lenders.

Not challenging your choice, just curious about your thought process.

I use Choice Home Warranty.

Not sure getting locked into 1-3 years is the best choice.