However, my goal is long term hold, use profits to pay all expenses and pay off loan with said profits within 12  years so that I can produce exceptional cash flow to allow me to become financial independent within 12-15 years.  

As you probably already know, a cease and desist on a multi unit could be a financial disaster for a landlord.

My financial situation is pretty unusual.

Save yourself the headache as @Caleb Heimsoth points out.Your biggest issue is going to be: All other debt can be discharged or negotiated down in case of financial distress, student loan debt can't. 

If your monthly cost to buy is cheaper than what your cost is to rent and your financially stable then this could be a winner.Good luck

You need(ed) to start from the end...your ultimate financial goals, and reverse engineer from there.You also need to understand that every entrance into a deal, sets up the exit...which is based on the entrance to the next deal, and so on...   

Yeah, he's the guy that's on all our podcasts, but the man wrote a great book that outlines so many strategies that really allow you to expand your financial possibilities.It's less than 200 pages, and I read it in 3 sittings. 

I don't want to walk into anything that could turn up a disaster later.

In the meantime, I’m hoping to assemble a checklist that runs you through the whole process from analyzing the property financials all the way through the first rent check. 

Usually this feature of the 401k would be utilized when you have some personal short term financial need and can pay the loan off within few years.