One has a four-family that he got about three years ago, fully occupied by Temple students.

Quote from @Joe Mills: You are exempt if you meet one of the following requirements:Owner-occupied buildings Properties with four units or fewer that are owned and lived in by the ownerSingle-family homes Homes that are sold or rented without a broker by the owner, as long as the owner doesn't own more than three at onceIf those don't apply, then you must abide by Fair Housing and you must make reasonable accommodations for people with assistance animals.

We would of course also like to enjoy it when it is not being occupied as a rental. 

All are currently tenant-occupied. 

I found out within about 20 minutes that the PM was telling him it was only 50% occupied while it was actually full.

An illegal unit was never legal per zoning/ building codes, and cannot be occupied without city approval. 

You can only occupy your STR 14 days per year and not more than 10% of the actual rental days by tenants.

Second be very careful if you’re planning to tell the lender that you will be occupying the property then rent it, if they find out you’ll have to come up with all the money.Orlando and kissimmee are very strong markets for long-term rentals ( workforce housing )

I just closed on my second 4plex in Emeryville this week, which is 75% occupied, and every unit is renting below market (~$250-$1500 less).

I would recommend to all that they build a STRONG relationship with a Realtor/Broker or several Realtors, because  2.Downloaded a list of multi family owners from Listsource.com - You can get this from a Broker who can run a list of non-owner occupied properties, this features the number of beds and baths and from which you can build a mailer and network. 3.