One of the main changes that shocked us both is how low the rent was on some of the properties.

Purchased various sheriff auctions, short sale, and just low balling.

You can use the cards as a loan to get cash with very low to 0% interest or use them the traditional way.

The kind with low money down but you have to live there?

With a written agreement to leave the Underwriter will then allow you to buy as a primary residence with a low down payment.

You live in one of the biggest REI areas of the country, so smart to take advantage, especially now that they opened up 3 and 4 unit multis to owner occupant low downpayment options.I looked at a great 4 -plex available in Gladstone for $365, will probably go for $385.great deal. good condition. $800 per 2 bed /1 bath unit. quick mortgage calculator puts zero% down monthly payment at $3500, plus then offset with $2400 puts you on the hook for $1100. 

If you’re only requiring them to pass HUDS standards then your bar is low.

I think 150k is going to be too low like most folks here have said. 250k is a doable number. 

In this situation you would structure it so the cash cow property is held separate from the other 3 rentals despite the low overall equity.

Your total tax % on long term capital gain income is very unlikely to be as low as 15% -- but it's still almost certainly lower than ordinary income.   ** Christie makes a good and important point that just paying the tax up front will give you greater flexibility in terms of reinvestment options.