he was initially asking 450k for two and 500k for two. but if i bought them all he'd drop them to 400k for two and 450 for two....1.7m total. 

My goal, after closing, is to vacate the property and move on to another four-plex, since the IRRL does not require owner occupancy as the initial loan required.

As you consider the opportunity to invest in real estate, make a list of your initial goals and work through them.  

The community can indeed help you get started, but you must be the initiator.

My question is around how to account for this credit on the initial journal entry to set up the company and account for the property tax credit.

I have a home that is right at 81 pecent LTV or Loan to value I live in Jacksonville Fl .I initially financed the home as an investment property and have asked the Mortgage company to drop the PMI insurance.They state that the LTV should be at 70 percent and if the property is appraised by their people and meets the 70 baseline they will drop the PMI insurance.I* reside in the home have homestead on the house and have the address on my drivers license.

Initially I think this is a good idea with getting 'my feet wet' and maybe as a learning experience. 

@Eric EmersonI think what Scott was trying to say is not that you might not have bought those properties or seen these rents initially but that over time there are huge risks.

I don't want to eff up and blow the first deal and screw myself out of the business....so i'm thinking #1 & 2 first, and because they are residential still so easier to make the initial deals...Been calculating using the 50% rule, but haven't had much luck working what I think is a deal...Trying the NOI model, but again, having a difficult time getting the numbers right in my head and on paper.Do the seasoned folks just have a certain criteria, such as, if the NOI is under X, it's a NO GO.  

And, even if the initial net profit is the same, it's better to have diversified profit streams than a single one.