Working on a potential deal:4 units, each is basically identical.2 beds, 1.5 baths, ~1000 sq. ft.The property needs no mechanical or capital expenditures that I know of.

(the OP didn't really give us enough into to fill this out completely, such as Interest Rate, etc) I put in numbers until it worked.Look at the first image below, it shows the numbers pretty much identical to the OP, right down to NOI.Now look at the second image.

Here are the numbers.SFR (classified) 2/1 up stairs and down stairs, Identical Floor plan. 1728 square ft.  

Not NC.At least if it is not, there is an identical in Blacksburg that has been "available"for ~2 years now.Started out asking $249kThe seller will take $99k and it still isnt a deal at that price.

That bill added "sexual orientation, gender identity, gender expression" to the list of protected classes (after race, color, religion, sex, marital status, national origin, familial status...) with Charlotte obviously requiring that establishments there make accommodations for the "full and equal enjoyment of the good, services, facilities, privileges, advantages, and accommodations of a place of public accommodation..."

I don't want to step on toes, but each group has its own personality, its own identity.

I'd suggest taking very high-level concept notes and try to understand the BIG PICTURE first and the details second.Then, a week before your main licensing test, signup and use "http://examsmart.com" Their practice questions and tests are almost IDENTICAL to the exam.

If I didn't know the borrower I would probably want some additional documents for identity.  

But in that vein, lease + first right of purchase would be identical to a lease + ROFR in the eyes of dodd frank, and subsequently fine to conduct business with, right?

Basically a 203k is almost identical to your current FHA loan (because your current FHA loan is most likely a 203b), in fact the 203k is a FHA loan, but you can finance up to $35,000 in repairs into your mortgage.