This is an option to consider and many larger banks/credit unions and nationwide mortgage lenders have released new loan programs allowing 2nds, HELOANS and HELOCS.

Like I brokered a 22  lot development of duplex's for a builder and just charged him 30k flat fee per sale.. they sold for 225k each back in 05 when I did this and I sold them all in one weekend at a big event i paid for in San Jose CA.. all to CA investors it was my fly and buy program I did in those days..

Our local towns and rental assistance programs really appreciate those that try to work with their tenants which has helped me several times through easier permitting processes.

Then it all fell through and of course had no backup from them since they aren’t affiliated in any way.

Great program.

The 70% rule is reserved for talking points by the guy on stage talking to an audience who they’re trying to sell a coaching program to   It’s a get excited number not a do a deal number   The equation is: maximum of 65% of AS IS value.  

20mm people in the last 3 to 5 years with no cash or social programs found a place to live.  

And you'll have the best rate/points options with a primary residence.Option #2 is great, especially if you're willing to move into one of the units (because the down payment minimum is just 5% or 3.5% depending on program), but as you mentioned it's really tough here to find small multifamily here.

I have found some information that might be helpful John.There are government backed programs like Fannie Mae Homestyle Renovation Loan and Freddie Mac Home Possible Renovation Loan, in addition to the FHA 203k loan. 

Are there specific military programs or contacts I should look into for housing opportunities?