If you're doing a conventional loan, Fannie Mae and Freddie Mac guidelines say that delayed financing will follow "cash-out refinance" pricing matrix which inherently has slightly higher rates than a purchase. 

Be it stocks or real estate.If I want to gamble, I'll go to Vegas and loose quickly on the slots so I can have a cigar and enjoy a cocktail.Much success

Fannie and Freddie do owner occupied and investment loans, but they have different guidelines.  

But yes, sadly most retail investors don't know what they're doing and end up gambling.4.

Not, hey lets gamble since I love risk with 100k or more, and lets put my personal house, and car etc on line.

Now that I am in grad school I cannot work due to program guidelines and time, but am still wanting to buy an investment fourplex that can build me some equity to offset these ridiculous student loans.

For conventional financing, condos need to be 'warrantable' if the condo or HOA doesn't meet those guidelines it is 'non-warrantable' and there are alternative or Non-QM (non conventional) lenders that offer financing.

Over the last decade, that gamble paid off and significantly helped grow my net worth and investable cash.  

Tough to beat this answer from @Michael PlaksYou can also check out these two recent posts that walk through Section 121 Exclusion and 1031 Exchange guidelines and strategyHow Section 121 Exclusion and 1031 Exchange works: https://www.biggerpockets.com/forums/51/topics/1195208-1031-and-sec-121-experts-want-to-sell-rental-but-tax-worried What not to do if you don't meet the requirements for Section 121 Exclusion and 1031 Exchange:  https://www.biggerpockets.com/forums/51/topics/1195383-5k-for-cap-gains-tax-opinion-quote-that-reasonable ...

Each investor will have different guidelines in terms of how many units is the property and what percentage is commercial compared to residential.