To your question about the two different options, I think you could likely do both of your scenarios based on the capital amount you have. 

I know of a few operators who are offering 4.75%-5.5% interest rates for 30-year fixed mortgages, a 20% down payment required with cash flow, good appreciation with good PM in place.

@Jose Morales you can pull cash out, up to 75 LTV, as soon as 90 days and base the 30 yr fixed rate loan on the newly appraised value.

You could get a 30 year fixed mortgage and lower your LTV so that your monthly payment is manageable.

We have an opportunity to pick up a lot and are wondering if it's cheaper to just buy a duplex/4plex that is already built and fix it up instead of building one from scratch with the current  construction costs being so high. 

My family and I would live in one of the units in order to be able to do this, and there would be an additional 3 units in order to get the full amount of the FHA loan. 

Portfolio loans generally have higher minimum loan amounts. 

Yes you can sell it, you will need to record the land contract with the county to show your equitable interest and make sure in the land contract it gives the ability to sell the property for more than the loan amount and the current owner will oblige to execute the documents as part of receiving the money.

With the amount of regulation that's been introduced (and will continue to be introduced), there's now significant barriers to operate in this space and suspect those barriers will continue to spread across the country.  

We believe these options provide a balanced approach, offering you the security of a fixed-term lease while also allowing for flexibility in case your circumstances change.Please take some time to review these options, and feel free to reach out to us with any questions or concerns you may have.