Of the few that were still willing to play along, the proposal I mentioned was the most fleshed out with architectural drawings, zoning approvals, and lots of pre-development planning in place.

Then you can use the funds on demand as needed maybe start with the 40k renovations on your duplex and then have the rest of the credit line readily available to get the large multi-family you are looking for.I dont know the location of your duplex in California but $925 for rent per side seems reasonable and there may be room for rent increases.

I have been bit by the failed septic before.With many offers, banks don't want the play where someone locks the house in with a high offer, has it inspected and then asks for $20,000 off the price.

As our main investment strategy is self storage, we focus heavily on the demographics and supply vs demand. 

There are plenty of great buyers agents on here, but it's also on the investor to play a role and understand the market.

Depending on the disclosures the buyer made for the sale of your home there might not be anything wrong .Perhaps the contract had an assignable clause or he advertised will be sold after closing.The agent might appear to not  be ethical but is simply selling a home for a higher price that is under contract  The fact that he did not cancel your contract might allow you to keep the emd or demand the buyer to perform  

Definitely want to play the long game, I just really like the idea of getting started using this method as I don’t have a large amount of cash on hand 

This might be an appreciation play.

This would provide more cash flow and mortgage support (usually)Your first time home buyer credit should cover most of your FHA requirements even on a 4 unit.Or maybe just buy bitcoin and wait six months so you have more money to play with

That sort of business is in heavy demand, and will likely cash-flow itself early on.