Just needed to find the right approach. 

If you can find a 4 unit building in an area you like that you can qualify to purchase I would take that approach :)

Basically, you take the existing mortgage amount and add however much it would take to keep the investor whole in his or her return.What are the downsides of this approach?

The cash flow can help from a DTI perspective if you’re going the conventional route but no bank is going to give you the income approach to valuation on a duplex.Did you have a realtor run comps and give you an ARV?

What I don't know is: 1) whether the whole process needed to be started differently  (I can refer you to a qualified professional who specializes in partial exchanges). 2) whether you're interested in taking a passive approach on this (as this partial exchange would be into an asset managed by someone else.

Is there a Senior Housing designation that can be attained from HUD or other agencies in Florida that would protect me against age discrimination?   

I'm looking for advice on how to approach the owner of the property next door to ask them to clean up a little bit so I can maximize the rental potential of my new investment. 

I am in Birmingham so I'm bias to my market.No matter what market you invest make sure you buy for the highest & best use of the property as well as, the right value approach. 

Does anyone have a recommendation on a software program to use so we can show potential buyers what the rehab will look like after completion. We would like to be able to upload an actual picture of the home and show ...

You will also need to designate an "operator" that will be in the area at all times while your unit is being rented.There is more but like I said Waco's planning and zoning page should take care of you.