Learn what each one of these are, and see which makes the most sense to apply to your specific financial plan. $150 cash flow on any rental especially a triplex is dangerzone imo. 1 month of vacancy of 1 unit could destroy a years worth of financial gains.  

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

Please keep in mind investors, not every deal that you place under contract will close - that's just the nature of the beast when it comes to investing. 

To get around this some folks will purchase the vehicle in an LLC and then sell the LLC, and this is not breaking the agreement.The same thing would apply here.

His "owner occupied" loan application is ok if he intended to live there when he applied.

I was just curious about how those relationships naturally come about.

A 1031 exchange does not apply to primary residences.If you plan to use the proceeds to buy land for a business, consider whether the land qualifies as an Opportunity Zone investment.

If so, do I use my personal bank account to apply for a loan or do I need to put money in the business bank account? 

There are many more and many more personal goals such as getting married and starting a family, adopting my first GSP dog, traveling to Wyoming and Montana and spending more time in nature, just to share a few.

@Joe Gellenbeck Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?