I would just be careful hopping back in now as interest rates and low inventory are making it very difficult if you aren't finding your own off-market options to buy.

This is a house that I’d tell others to run from, but since we already own it we’re just trying to determine best options.  

Like I see how it could work in a perfect world but i cant wrap my head around the idea that I could be making a profit if I still don't actually own the house and still have to pay down all of the loans.

I've owned student housing as far as 4.1 miles from the University of South Carolina campus.In my experience, the only reason kids would live that far away is cheap rent.

Of course, you would need to do your own research and due diligence when purchasing a company but perhaps that's a way to get involved in the trades in the owners seat.

They are forced to be there so in a lot of instances you are trying to find the best candidate amongst the vast pool of bottom feeders who already have proven to be such.

@Robert QuirozIf the owner already owns the property without a loan they can cashflow the property even if rents are below market.

So I would like to get the opinion of some experienced investors.My goal is to buy (3) three to four multifamilies.I inherited a 3 family fully paid off and own my current home.Between the two I have roughly 550-600k in home equity.  

The 2/5 year still applies no matter how long you have owned the house.

If you own the business and the land, I would keep them together.