Plenty of lenders offer 80% multifamily permanent loans; however, they usually are constrained by a minimum debt service coverage of at least 1.15x. 

So, I  have always wondered why the FHA 3. 5% with permanent PMI is usually touted as an introduction vs conventional with less than 3.5% downpayment and temporary PMI. 

If you have any sort of lien on the property, you can have an easier time finding that follow on permanent financing versus trying to pull all your cash back out yourself if there is no lien on the property. 

For a contractor to put in permanent posts in a few key locations, what might that cost?

He helped me get what I needed on financing a Quadplex I recently built with a local bank through a construction loan, and I am closing on Tuesday into permanent financing!  

Its an extremely risky idea to do so now.While the new law allows "permanent-resident" owners to offer short-term lease and ("p-r" tenants to sublet) a unit in a multifamily (assuming HOA bylaws or tenant lease allows it), all Airbnb hosts must register with the city and get a proper business license.

The preliminary title report has two exceptions: "A permanent deed of trust" from California Housing Authority"A subordinate deed of trust" Secretary of Housing and Urban DevelopmentThoughts?

Assuming you truly can swing the permanent loan, and that you have cash, borrow money from a HML to buy the property.

We both enjoy it greatly, but we are looking to invest in something more permanent.  

I would stall returning any money until he can provide you with his new permanent address then inform him you will not be returning any money and will be taking him to court to collect the rent he owes.