I am debating about the converting the existing old gutted building to either multifamily building (6 units each around 500 sqft small studio) or mix of 4 residential and 2 retail/restaurant conversion (the back side of the property has Big enough lot for outdoor dining or any other use cases.Any recommendations for use case of pure multifamily or mixed of multi family and retail?

If they understand that I am not responsible, I may provide a small rent credit as a token gesture.

Realize this is not a standalone town of say 10,000 people, but part of a metro area market.Start small and Make Your Big Mistakes Early.Getting close to dinner time. 

The goal of this room is to become a small event room.

The cost of going to a 200 amp load center instead of a 150 amp load center is very small. 

Quote from @Nolan Ring: Today I reached out to 3 different lenders in Northern Idaho about FHA loans for small multifamily properties (2-4 units).

Several things to consider: 1) One of the main purposes of segmenting your assets into separate LLC's is so that your personal net worth or equity in other business ventures or properties isn't exposed, so unless you have a high net worth or a lot of equity in a property, it might not be worth bothering going the separate LLC route, especially when it restricts your financing of the property.  2) Most any commercial financing you get from a local bank for a small property is going to have recourse anyhow and require that you sign a personal guarantee, so you're still personally on the hook to the bank even in the case of a commercial loan.  3) If you're a newer investor and buying a deal that's tight on cash flow, or if you don't have a ton of cash sitting in the bank already, your greatest risk factor as an investor is your investment failing economically due to poor financing terms or not operating the investment properly, not because you get sued. 

I wasn't aiming for a high-end look, but I also feel that if I'm already putting in the effort then I might as well put in decent materials and invest in doing it right.This apartment is pretty small, 500 square feet. 

With a small portfolio, it will eat away at all your cashflow.

Would be great to build a small group for zoom discussion.