I have excellent credit, no debt and am new to private lending.

Since then, a large portion of their business is essentially trading and re-trading the same product between buyers, with the occasional MF that comes onto the market due to inheritance or retirement. 

I assume the city would require on registered hosts (which is the minority) as a starting point for this proximity rule, so effectively this rule might encourage un-registered hosts to stay un-registered, which to me seems counter-productive to the City's overall goal of governing these rentals.

Your Fannie Mae Homestyle loan with 20% is excellent.

Join a local real estate investors' meetup group in your area.It's an excellent move on your part. 

Cosign with my PML on a Freddie/Fannie Investment Loan Product (Fixed rate, 30 yr Am, Lower Rate, etc.).

She was an excellent silent partner.A year later, with the sale of my SFR, I was going to buy another multi with my $50K.

You can get a short term interest only product but your solution will be dictated by the details of your situation 

You wise some excellent points and I agree with you.

In-place cap rates aren't a viable comparison metric unless you are comparing finished product.