You might have to get a CO before a new tenant can move in.

During this time he was part of a four man civil affairs team (Special Operations), directly assigned to A Co., 2nd BN., 10th Special Forces Group (Airborne).

So check with your state laws.Second....if an applicant is close to qualifying, (and let's face it there is lots of bad credit out there today) get a Co-signer.When we choose an applicant or a co-signer we want to make sure they are COLLECTIBLE !  

Obviously the 1902 building was not built as a condo.To throw another wrench into the discussion there is another form of ownership called a co-operative or co-op which is used in NYC and FL, where you are buying stock in the company that owns the entire building in proportion to the square footage your unit is in ratio to the total building square footage. 

I'm looking for a co-founder(with startup experience), engineers, designers, sales people, marketers, bloggers, mentors, and of course investors.

Are they going to be a co-signer or primary applicant?

CON: Must use commercial loan of 220k for 20% downPRO: I could get a bigger ROI with a tiny home / pre-fab / cabin with a short-term rental in a vacation spot in the mountains2) Find my parents a house to buy and be a co-signer. 

Can I insist on a co-signer since they won't qualify by the time they move in? 

I asked about a co-signer, but that won't help because we have the income. 

My suggestion is to get good at running numbers and looking at houses so you know a deal when you find one.If you get a three or a 4 plex in the same building you will need a CO.