And, depending on the effective tax rate of the investor, the after-tax return on cash flow is almost always to some degree even lower.The simple fact is that larger multi-family properties (apartment buildings), mixed-use properties and retail buildings sell/trade at capitalization rates that offer investors’ greater yield assuming sufficient capital is available for investment.

They seems to have some quality flooring materials around the $2/sf. mark which should be sufficient for any average apartment.

The attorney general may find a bond unacceptable based only upon reasonable criteria relating to the sufficiency of the bond, and shall notify the landlord in writing of his reasons for the unacceptability of the bond

Will this be a sufficient explanation that will likely allow my loan to be approved? 

@Sid SriramYou can utilize the FHA loan 3.5% down for a duplex, but a triplex or fourplex will have to pass what is called the "self sufficiency test." which means that 75% of market rental income needs to cover your loan payments (which include payment, interest, taxes, insurance and mortgage insurance) so it is extremely difficult to find 3-4 unit deals that pass the self sufficiency test in San Diego County so a duplex (or duplex with an ADU or SFR with ADU) will be your main options.

if all those improvements are paid for then you probably have sufficient equity for the vertical..

Mercury tanning facility, etc...Pay attention to this upfront>>>Quality, quantity and availability of well water, soil perk sample from around the site, availability of LP year round, availability of cellular, and internet.Pay attention to this upfront>>>How far (cost and time) will it be to run electric to the site, and how much electric can the power company provide without having to make major super costly improvements (that they will charge you for in cash upfront before doing the work).

If it's a good area, meaning high cash flow, it attracts both landlords and tenants, and the quantity of tenants willing to pay high enough rents to deliver the higher CF, is what makes it a good area to invest.

Made fha ready and increase rents so it would pass the self sufficiency test What was the outcome?

In ConclusionWith sufficient initial cash and credit and following the above steps, your odds of achieving financial independence are very high.