I did this on a double and walked out with an approved permit same day.

Also look at easements (especially on the vacant land) and factor in parking driveways, will the city let you curb cut for additional access if needed or are you stick with what you have.Also look at the number of parking spaces needed for new builds vs what you have (will a new build trigger anything there), and consider if enough electrical is available at the site for new buildings.Is there a Town Approval Board or some other such PITA process you must go through to get building/remodeling permits, and how much control do they have over your actions (plus how long do they take to approve, and is it "The Old Boy Network" to get approved (???).

Forgot to mention i would be using VA loan so no money down necessary and I've already been pre approved for more than what an average multifamily would cost. 

Has anyone experienced or heard of anyone having issues being approved for a FHA Loan after receiving a legitimate PPP loan?

Lenders don't fund before the closing date and certainly not before approving a settlement statement.

I'm not in the US, but I know others here have talked about it.If you think the returns will be better AND you are approved to borrow that much money, then do it.  

If there is an investor FB group in your area, I would post that you are a first time homebuyer looking for a lender to pre-approve you for an FHA loan and ask if anyone has recommendations.

BP'ers - here is a scenario.I am pre-approved $250K.

My permits took about 2,5 months to get approved. 

This was my original plan and have gotten pre-approved for an FHA loan.