Not to mention the buying process between the two.

Depending on the fee schedule and activity this can cost significant transaction fees and always includes some red tape and extra processes to go through.

Be sure to shop around for the best terms and understand the refinancing process post-rehab to ensure your numbers work.

Quote from @Jason Hathaway: I'm in the process of purchasing another home adding to my portfolio.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

This is all part of the process of being a landlord.How are you accessing background checks?

.: I'm very new to this and would love to get your thoughts on this and are there any downsides to the process?

County is not helpful or forth coming of process. 

I''ve only heard of ones existing who work on large constructions projects, not small single family home investment properties.City inspectors will inspect as part of the permit process.

Have not moved forward since he is still in the process of settling.