I'm about to close on a fourplex with a hefty pest report, but only a limited amount that's structural. 

I think it would be wise for me to partner up with this small group because of my limited experience, knowledge, and funds.

You can refinance immediately with no seasoning using the current appraised value however you are limited to 75% (not 70% as alluded here) and the total new loan cant exceed your initial acquisition + closing costs.

@Russell Brazil and @Jon Holdman thanks a lot, I didn't know that there is a clear wear and tear limit for carpet at 5 years, very useful info!!  

Unfortunately though, the supply appears to be rather limited in the Jacksonville area and most of these properties are located in what appear to be questionable neighborhoods - class D. 

You may be able to get into something there-there are a lot of owner occupant loans with very favorable terms and they are not just limited to FHA.

If you buy in a suspect area you are really limiting your buyer pool to investor buyers.While the strategy with this property is to sell after the rehab is complete and 2 of the 3 units are filled with tenants, we currently hold 25 units in our local market here in CT and the highest amount of units in a given building is 6.

My only suggestion would be to make sure that you are accounting for all expenses/reserves, including but not limited to the below.

A statewide ballot measure is in the works to repeal the restriction, after legislation to do so failed last month.The notice of intent compels the city clerk’s office to prepare a ballot title and summary that could be used when petitions are circulated.

Such conversion need not comply with the requirements of the following specific provisions of this chapter:(a) Section 13-196-660 (height limits); however, in frame buildings, four or more levels of living space shall be prohibited and in buildings of ordinary construction, with or without attic living space, five or more levels shall be prohibited; (b) Section 13-196-050; however, all dwelling units must comply with the exit provisions of Chapter 13-160 except basement dwelling units may have a second exit through a room containing a heating plant; (c) Section 13-196-670 (stairwell enclosures); (d) Section 13-196-680 (corridor enclosures); (e) Section 13-196-690 (dwelling separations); (f) Section 13-196-710 (basement ceiling construction); however, if the basement contains a dwelling unit the entire basement ceiling construction is to be wood lath and plaster of half hour construction; (h) Section 13-196-720 (heating plants); however, basement apartments are to be separated from heating plants with partitions of one hour construction.