Similarly, if you put all Class D tenants in a Class A 4-plex, what do you think will happen?

STR, MTR, it doesn't matter, you can't house people there and would be in a severe insurance liability if something were to happen in an unpermitted addition or renovation.If it was permitted, you would use Furnished Finder for MTR.

If it does and you can't rent your house traditionally without covering $1,000 a month in costs, and you can't sell because the value isn't there, then you're in a pretty frustrating situation. 

Like someone else said, your RE licensure exam is going to touch on creative financing in a very surface level way, if at all.

However, this would limit us to buying something in a somewhat expensive SWFL market (we cannot leave the area) but we are open to it. 2.

Your first Multi with those savings and income are going to be a learning experience  (In a good way) However do not go in with a massive cashflow expectation.Some Realtors/Sellers might sell you on unrealistic potential high rents and will be adjusted to the selling price....so do your own research.Are you planning on living there as well?

Right now, this is working, but we're in a hot market.

After his mother's passing, the seller (son) found the letter in a drawer in her home and called me.  

Bonus point, if you could share (in a DM) approx how much you pay annually for your quad home insurance, so I have some idea about the market rate there I can send you a list of insurance agents here in Columbus

Having 4 adults living in a 1/1 is no permitted.