But, the self-sufficiency test for FHA loans can be really difficult in SF, meaning that the market rent from units you will not occupy must be sufficient to pay for the mortgage payment. 

@Asher M.Possible, yes but like your lender pointed out it's going to be difficult to pass the self-sufficiency test (SST) for a legal 3-4 unit property.

Would having a highly insured property (1,000,000+ liablity) plus not being a negligent or slum landlord be sufficient and not require the use of an LLC? 

For agents: Are virtual tours a must-have for your listings, or do you find professional photos alone sufficient?

Duplexes are a little easier than 3-4 units with FHA since they don't have to meet self-sufficiency requirements.

I'm sorry to sound negative, but $25k is not a sufficient investment to get going in real estate. 

Quote from @TJ Dittmar: Covering the mortgage isn't sufficient.

@Max Bellino For smaller properties like your 2–4 unit multifamily buildings, an online cost segregation study is a quicker and more cost-effective option, providing sufficient accuracy for straightforward properties.

Important note, it takes a lot of reps to be self sufficient as an agent so you will want to join a team of active agents that can help you through the process.Please feel free to shoot me a PM if you have any qs - happy to hop on a call to chat you through it!

Without sufficient reserves, you’re not just stressed—you’re at serious risk of losing properties or being forced to sell.