Both were originally acquired as personal/owner occupant properties but are now being used as short-term rentals.  

The property has no Certificate of occupancy since it was built in 1901 but was just gutted out completely & set up as a 3 family.

If they now have occupancy and you have received no money you may have screwed yourself.

Water/Sewer are covered by the tenants, garbage by the landlord. 100% occupancy (which is reasonable for the location of the park.)I was a credit analyst for years and was the primary analyst on a few participating loans.

In addition, I have my properties all professionally inspected prior to occupancy.

I understand that both loans require 1-year occupancy and that you need 2 years landlord experience before you can deem the rental income as income when trying to obtain a second loan (either for another house hack or primary residence).

Hey BP,     My wife and I are in the process of potentially making our first real estate investment and purchasing a 4-plex. We will be using a conventional mortgage, putting 5% down, and paying the  Mortgage Insuran...

Occupancy is 100%, rents are already about market rate, and tenants are already paying their utilities, so I can't add value there.In my mind, the good side is there's low maintenance, but the bad side is, I won't be able to force appreciation/cash out refinance in a few years (my original strategy).

I have my properties professionally inspected prior to, during and after occupancy.

If you have decent credit and this is your first house, I'd consider being an owner occupant for the first year and buying another as you get more into a career.There's some pretty cheap investments around here, but you gotta watch out cause there's crap too.