Hey Elizabeth,The biggest question I have is if you are willing to live in one of the units.

I am looking at a 5 unit building that I want to do a condo conversion on. 4 units would be vacant 1 has a rent controlled tenant in there who does not want to move.

I don't think you can purchase a policy for one tenant, but you can create a master policy for all your units.

Problems are compounded as the number of units grow. 

I'd like to double my units in the next year and the best, more feasible way to do it is with someone that has done for over 40 years.

Once you graduate and have a steady income, consider house hacking as a beginner-friendly strategy—buying a small multifamily property, living in one unit, and renting out the others to offset your mortgage.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

They have completed construction and 90% of the units are leased up.

When you invest in 1-4 units residential property in the Bay Area, you are investing for the appreciation or value-add potential because most properties don't generate positive cashflow.  

Financing can also vary depending on whether it’s 2-4 units or 5+ units so keep that in mind as well.Having a strong team and lender familiar with multifamily deals is crucial.