I have talked to a few investors who have done this with their retirement funds.

Of course my relator says yes but others I've talked to said to get a townhome instead.

There are ways to find distressed owners with equity, I talk to them everyday, but few of them are willing to give a large chunk of their equity away when they can just list it and sell it on MLS in a few weeks.

I’ve found list source to be low quality for MF at least in Missouri. 

Then, talk with a local builder on options of build.

Non realtor (me) drawing up purchase contract with seller financing land deal, owner is listed as "ABC Inc Profit Sharing Plan" in the county CAD.

Beyond a local CU or bank the next best way to find a suitable location is probably a referral from your RE broker or listing broker.

To answer your question, having the licenses hung with broker or not doesn't change the IRS requirements listed above. ...

I will email you our list

Putting it on the market (Of which I can help you get it sold and on the MLS), taking the equity and putting it into a 1031 cash flowing deal, or walk away with the equity if it is listed as your primary and you're able to take advantage of the tax incentive up to 250k single or 500k married.