I am trying to find a short sale or foreclosure with FHA to buy than get a 203k loan than live in one unit and rent the rest out for a goal of net 750 to 1200, equity to have 25k to 35k in the property, i have 40k cash for it could get access for more but I don't wanna tie up too much I want to leverage  my funds.

Some may give you details on cost or some may not.Also i would try to find out from listing agent or owner, if it has access to public sewer and water.  

Also, you can typically acquire the funds from your 401k a little faster this way than for a RE 401k loan.

(Of course that would be contingent upon you becoming an agent at that brokerage and staying there for 6-12 months or something of that nature.)Other good questions to ask them would be what are their commission splits, a breakdown of ALL fees (monthly or annually), what their commission cap is, whether they provide leads for you and if the commission changes if they do, how often they provide training and what the topics of the trainings usually are, do they provide mentoring to help you work through deals, etc.Also, keep in mind that there are fees that the Broker has no control over such as MLS access, ($300/6 mo in PA), Realtor dues if the Broker is a member of the association of Realtors ($600/yr in PA), marketing materials, cost of yard signs, networking associations to network with investors, etc.

If you're looking to access the equity for a long-term investment, it usually makes more sense to go the Conventional refi route to get the better rate & terms locked in. 

I want to invest in multifamily units and would love to learn more about nontraditional financing that could be used to acquire those properties.

Access to over 20 Insurance companies to possibly insure the property.

I've loved having access to the MLS and being able to make my own offers.So here's the thing...

If they are really returning your capital and you have no assumption of debt then absolutely you'll be involved in a step transaction - that's just another way to access profit.But I'm having a hard time picturing that scenario. 

One aspect of the note business that I relish is you can do it from anywhere in the world provided you have an internet access.