.  --- From the zoning code it says, an RM-2 zoned lot can have "1 unit per 2,500 sf. of lot area"If you don't meet that lot size requirement you'll need to make a request for a variance, then post notice about the desired change in front of the building.

Attend local real estate investor (REI) meetings and get to know people.

Speaking of iteration, allow me to share with you the iterations and processes we go through in our Multi-unit Acquisition Program: After a client gets pre-approved for financing, we go through multiple deals to find the best ones that meet our metrics.

Nothing wrong with negative cash flowing properties provided it meets your investment goals. 

Partner with an Experienced Builder – Bringing in a partner with a track record of SFR development could help meet lender requirements. 3.

But tax wise just here to note if you buy a 4 unit as a primary when you go to sell (if you meet the requirements) only 1/4 of the gain could be excluded under the 121 primary home sale exclusion.

I can say I'm biased because I'm located here, but the numbers work and it meets all your conditions.

I would try to reach out to other investors in the area through REIA meetings. 

My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.

It is not automatic nor is it required.