Sounds like he has something. 

. * [6-24 months] Whenever I find a job and qualify for a FHA multifamily, get that property (with break-even cashflow most likely), and rent the condo at a cashflow loss for a couple years until rent increases (due to high-interest on underlying debt)* [Almost immediately afterwards] At this point, do a cash-out refinance on the condo to pay back the SBLOC (unsure if this is possible immediately after getting the multifamily loan), and secure a lower rate for the condo itself.I know this strategy sounds like loser, as it bleeds money all around, but my hypothesis is:* Underlying assets should grow more than 8.15% in a given year, and I would not pay short/long-term taxes on stock.

Honestly, A reverse does sound like the best option for them 

Im sure it wouldn't be as cost effective as a golf cart.

Sounds like you have to update, if necessary, the water heater/furnace to meet the demand for 3 units or buy 3 water heaters/3 furnaces, if there is enough space, so the tenants can be responsible for the water.

But it sounded like a no brainer if all I had to do was secure a property.

@Craig Ancier I hope you find my back story applicable for action forward because I was a lot like you it sounds, and I got my start right here in our same back-yard of Twin Cities. 

"Long-Term AirBnb" sounds like an oxymoron tbh - I think they are probably whats now being called "Medium Term Rentals" which is using platforms such as airbnb for stays greater than 30 days but less than a traditional 12-month lease.I'd check out the Medium Term Rentals forum here on BiggerPockets and the book on MTR published last year in the bookstore for more info!

If it sounds too good to be true, it is, especially in finance.

Gotta get you a good PMS to manage effectively.