I want to share my initial analysis and determine if I should try to flip the deal or buy it as a rental.

The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs"...Or, as @Charlie Fitzgerald suggested, 25% down on 4x $100k properties to begin with (but, in accordance with my suggested "trick", each should already be worth $130k+)! 

Just my initial thoughts to make sure you are buying in a visible area for the storefronts since that is immediate income that you would want to be stable as you work on construction upstairs.

I would have about $60,000 saved up from my current job for a down payment, but pretty sure I would need to put 20% down initially until I found a job there.

Our initial thought is to get into buy and holds with Single family homes and explore from there.

A lender will always look to see if you can pay for both properties simultaneously, and they'll initially base that off your income.

As long as you factor the higher interest rates (they are short term of course) into your initial calcs before you close the house.

If the property is worth less than what is owed, a short sale review likely can be initiated with the mortgage servicer.

Where should be my first initial focus be on to start investing.  

@Brandon Stevens That's where I initially started, but have been having little to no success.