We hope to own this building for a long time as we enjoy taking care of it and continuing to make it a staple of the neighborhood.

For this project, that would mean targeting land in the $1.5 million range.

I plan to raze a house I own in SD county and build a quadplex on this one parcel. 

Networking in various real estate associations to develop DEEP relationships is part of this program.2.

They explained that Fannie Mae (according to an exchange with their Servicing Portfolio Manager at Fannie Mae for a similar but not an exact loan) does not allow PMI removal for improvements already included in the original loan’s scope until after a two-year seasoning period

For insurance, I’d recommend working with a local broker to explore the best rates.

This should be written in the lease and discussed prior to occupancy.

Is this a long term rental?  

-therefore, there won't be any net 'cash flow to cover rent' for years.to be clear, i say this not to say "don't invest out of state." investing out of state is fine. 

Yea, dont do this!