I have looked into building a 4 plex previously but got caught up in all the regulations and school fees - in the end it was not going to profitable so we shelved it for another project.

I don't think I would be able to document established income on the first property, since it wouldn't actually get rented out until after I move into the second property.

@Jasmine Moore welcome to BP and as some of the advice above, expose what you are doing to your network and also see if you can partner with an established operator in your area.

Once you establish your objective with real estate, the answers to all of the questions start to come into focus.

If you are make sure you have your team established and do your research that the market is/will be better then yours.  

Hello,    I am currently working through the initial diligence process for making my first multifamily (2-5 units) investment and am currently weighing the pros vs. cons of investing within my local market (MA, NH, or RI) vs. out of state - where there are likely higher growth (Orlando, Tampa, Dallas, Raleigh) or higher cash flow (Cincinnati, Cleveland, Columbus), but for which I would likely need to establish and rely much more heavily on partners in identifying opportunities and for ongoing management.  

Your business entities should be owned by each other, not any human person and any income property or short-term holdings (flips) you acquire should be held in the business entity(-ies), not your own name.There are resources available on the web to explore at your convenience.There is one aspect that should be mentioned: mindset.Those who oppose business entities will remark about what it costs to establish and maintain them.

The online training doesn’t actually teach you how to be successful in real estate-it teaches you how to avoid getting in hot water with the regulators.

There are also some larger and more established developments there. 

Explain to the seller that this is more like a development project and you are buying a vacant land rather than an established park.