I wouldn't be concerned about that, but it sounds like you're dealing with a wholesaler, not the owner.

That would only be 3 people living in this house, but I'm concerned I'll run into problems having the two kitchens, that somehow that will effect the zoning rules?  

I would not use this strategy on an occupied unit, however, due to theft concerns.

I am concerned that I will open the walls and find that everything will need to be replaced.

But my concern is that it will take time to get the business up and going, I don't know the market all too well yet, and I don't have a comfortable reserve of cash to supplement what I'd be getting from a FT job while I get the RE business off the ground (that and we're trying to plan a wedding).Given all of those moving parts, what would you say is the best strategy?

Areas that appear to be of concern can be directly addressed in your follow up call to the PM company and written into your agreement. 

We don't prioritize these faux deals over real deals, of course, so it takes two weeks from when my little "I need this and that paperwork" list is fully 100% complete without any omissions.They can still house hunt using standard contingencies during that period, naturally.I generally don't bring it up unless it's requested (typically by the realtor) because people get pissed about the additional paperwork I ask for that includes why this or that credit inquiry 4 months ago happened, etc.A concern, and something I've noticed come up more and more frequently lately, is lenders pretending it only takes 3 days to get through that 123 Main St underwrite and letting folks go in with no loan contingency because they THINK that they are credit/income/asset approved and have been lied to.

One of the concerns that I had was being limited on the number of residential MF properties  (I read somewhere that most banks will only finance up to 4).

I was just concerned with our dti being high because of my student loans, I know its hard to relax through this process, but thanks:)

She agreed to this, but was concerned about transferring the property subject to existing mortgage because she went and asked the bank if she could do this – and they of course said no.