Once renovations are complete, carefully screen tenants, set clear house rules, and consider furnishing the units with utilities included to attract reliable renters.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

my hope is to get a nice unit for my son at below 50% of retail.  

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.  

So on a 3br unit where all the utilitites are included in the rent aand paiid by the landlord, you can expect to get up to the FMR as the rent for your unit. 

Aside from arbitrage, I am looking into multi units.

I believe buildings with five or more units are classified as multi-family properties.

I can lend up to 100% of the purchase price and 100% of the rehab costs for experienced investors on 1-4 unit properties.

Looking for building from 1950-2010 anywhere from 10-100 units.

.: @Karen MargraveGood to see you back here.When I was a midshipman a thousand years ago, we had accommodations similar to this, though our "micro-units house 2 or 3 cadets.