Also, having someone local to manage affairs seems like it would be a selling point in general.My goal is to retain my day-job and try to build this property management/rental business on the side, with a distinct focus on the community that I live in.

A 501c3 has a distinct status that you must be very careful with.

Karen Margrave, I'm not so anti-guru as most think, but I'm really anti-bad-guru and knowing the basics will help make a distinction between them.

If I understand you correctly you're saying that with increased value (of any commercial loan) and time it could be refinanced conventionally but that those requirements are distinctly different than the residential loan requirements I'm used to?

That's an important distinction.

Maybe the distinction only matters if you live in the unit? 

It's in a neighborhood that has a distinctively retro feel to it. 

Mueller (the researcher who developed this) divided the market cycles into 4 Main Phases/Cycles/Quadrants with 16 distinct points. 

Keller Williams after the 2008 crisis:What a seller can do to move a property in a recessionWhat Sellers Can DoThere are three distinct players in a real estate transaction: the seller, the buyer, and if financing is involved, the lender.When markets shift, the tide shifts as well.

@Aden BrustI think you should make distinction of the type of income: passive, active, or portfolio, to mention few.