This may be getting too technical and will have to ask an attorney... 

@Edgardo Matos technically yes, however it will likely prove extremely difficult for you to find a bank willing to use a small pIece of land as collateral.

I used a FHA loan to get in to a HUD home, lived in it and completed the renovation, leveraged huge equity  to finish a second renovation that was technically a new construction loan, sold the rehab, got a partial lien release combined with a re-finance from the FHA loan, pulled $30k in HELOC, bought another rental, moved, and then rented the original SFR...then on and on...lots of moving parts.It's a lot like feeling your way through a maze where you are at right now, but don't be intimidated.

A TIC is a unique structure for holding property in that while we technically had our own units (our building was built as a over under duplex with a soft first story (garage and storage areas and services (furnaces) underneath the 2nd floor living unit with 3rd floor living unit on top. 

Can i still require a background check for the second person if they are not technically moving in until the next year?

You could present the check to reinstate, then transfer title and technically they could call the loan because of the due on sale clause (because you transferred title). 

Under former law, the redemption price tag was the full taxes plus interest amount, but that law was ruled unconstitutional for technical reasons.

From a technical standpoint, they should be able to provide multiple modems on different accounts.

I am still learning how to come up with a value for MF's.It surprises me that the Seller admitted that they think an investor will pay asking price because it technically meets a "1% Rule". 

They technical support is also very helpful.