Has anyone been able to execute on such a strategy with an FHA or a competitive loan product for first time homebuyers.

Depending your goals and resources, if you get the right team on the ground, investing here (especially since you know the area), could be an excellent option.  

In the future I would like to be able to use products across residences, I plan to paint all future units in the same color schemes and so forth.

Excellent things to think about. 

hey my name is cobi maimon I have been learning and educting myself over the last couple of months about real estate and feel like im ready to get started.I am moving to Scottsdale AZ in a couple of weeks and i am looking forward to start building my core team and get to know investors from the area as well.So I am planning to foucs on multi families to buy hold and rent and I would like to get some recommendations for excellent 1.mortgage banker2.insurance broker3.property manger  4.closing company5.realtor Thank you in advance for taking the time to help me out and good luck to all of us :)

Perhaps, but these buildings were built within the last 30 years and seem to be in excellent condition so there's no upside there.

Excellent point!  

@Kate Friedrick If you can summarize your receipts by category and put them into an Excel spreadsheet, that will probably reduce your costs, as the CPA will need to do that (if you don't do it for them).Also, remember, AN EXTENSION IS AN EXTENSION OF THE TIME TO FILE. 

I'd suggest reading some books (The ones promoted by Bigger Pockets are excellent), and listening to a bunch of podcasts. 

Excellent advice @Randy E., thank you.