@Derek Heinz you might be better off finding a major fixer-upper, getting a hard money loan (HML) to acquire it. 

In the long term  expect RE to appreciate at a rate equal or greater than CPI.  

I focus heavily on the sell side and on the buy side only work with high net worth individuals so the newbie wanting a 400k multifamily with an FHA loan probably isn't for me. 

.: Henry, I don't usually read through a lengthy story but, glad I did!

Hi everyone, new to investing here but I've used the VA loan 3 times now and have had 2 at once so I have a good understanding of how it works.

california has had statewide rent control on mf units for ~5 years.My experience with rent control is that in the near term rents increase more than without rent control.

They close hundreds of loans a month and charge you for any hold up on their end.

I am using a conventional FHA loan to acquire the property.

This strategy can be a game-changer for building long-term wealth, as it enables you to leverage your gains without an immediate tax hit.Example: Sell a rental property for $300,000, reinvest in a new property of equal or greater value, and defer capital gains taxes indefinitely.5.

I concur with @Joe Davis and do the same with my company, however I refer other loan types outside of Transactional Funding loans to others.