I am a realtor, so I estimated sales fees to be around 5%, so netting 3.6M. 

We will factor in those large interest payments later in the blog.Opportunities of renting: Put your down payment in another investmentWith any investment you have to consider your opportunity costs.

The commercial bank or lender will look at your overall portfolio, liquidity, experience, and other factors.3.

Here are a couple of factors to consider (and facts to know): - The financing portion can be very tricky if your lender is not familiar with the improvement exchange structure.  

Yes, the worst agents will be advertising some low fees on their end. 

My Dad is a contractor who has built multi-family properties for other people in the past, but he hasnt built anything for himself or smaller than 20 unitsI have been suggesting the idea of building a 4plex to him for the past few months and we each forgo our fees and split the profits of the dealI'm curious as to what your numbers were like on a btr 4plex, such as the land cost and the construction cost at the time you built it?

Your title implied that you might not do that step.To your question, I think the first factor I had always taken into consideration is: do you live in the house?  

I don’t know much about management fees, but from what I’ve found is that they rival HOAs in popular STR markets2.

Open a new application with an actual lender that isn't going to charge 12k in origination fees. 4.5% origination on this deal is insane, the broker / lender are ripping you.If you take this to another lender as is (not great credit, no experience, light rehab amount) you would likely get denied again. 

Then sell property, record sale price and fees you paid.