The only thing I'd change about my journey is targeting a multi family first, anything less than 4 units will still qualify for fha financing.

There is street access because it's a corner lot.This would be my first new contstruction....my plan is to sell my current home (family issues, forced to sell) and move into one of the units as a primary residence for a year or 2 before leasing it.Question is - What is the order of operation to start the project...   

I recommend spending a couple nights in the unit so you have the perspective of a guest to notice anything you are missing or need and develop a check list for your cleaners and/or property manager.Your agent should be advising you on all of this and more and have local contacts for you. 

Here in our market, we see the SECT 8 vouchers out pacing the number of available units which leads to shorter turn windows. 

 Hi Angie, the unit already has a property mgmt firm and I accounted that in the cash flow.

I am specifically interested in SFR value add opportunities, as well as, 2-4 unit properties.

In terms of mitigating your risk - particularly if you buy a condo - consider a newer building, steel or masonry construction, a unit on Floor 3 or above where Flood insurance wouldn't be necessary, larger buildings where costs are spread amongst more owners, and buildings with a financially healthy HOA (track record of good management, reserves in the budget to cover large capital expenditures, etc).

We are considering finding a 3-4 unit, I would live in one unit with my girlfriend, he would live in another unit with his wife and we would rent out the rest.

As a GP, I am involved in 1100 units $140M AUM. 

Im indifferent to the number of units as long as the numbers make sense.