I spent $15,000 setting up a simple sort of REIT, and that was the buddy rate. 

I absolutely agree that we cant go to a lender without all of this sorted out, otherwise I'm sure we'd be laughed at.

Just need to make sure your property is somewhat central to some sort of attraction that would generate demand for short-term rentals (universities, airports, sport/entertainment complexes, businesses, long-term construction projects, etc). 

I'm a partner in a sort of unique company that is a full service appraisal firm (all property types) but also provides civil engineering (mainly subdivision design and development), land surveying and title analysis services.

I have sort of start led an unofficial one of just interested people.

I had a similar situation and it turned out to be a test of sorts.

Beyond what Chris mentioned to getting a good deal to make this fourplex in Northridge area work is that with FHA you also have the self sufficiency rule and in my experience only fourplexes that have gross rents of .90% relative to the sales price or acquisition price have worked with FHA.This means your 1.7 fourplex would need to rent for .90% or $ 15,300 per month or $3825 per unit in order for your FHA financing to go through.This is mainly why I havent done many FHA 3-4 units (SS rule only applies to 3-4 units on FHA) in Orange county/Los Angeles/San Diego except back in 2010-2012 when rent to price ratios were more in line with .90%.You could often find .90% to meet the SS rule in santa ana, riverside, banning, san bernardino, ontario, maybe in the valley by victorville/apple valley/hesperia and other places where things can tend to be a bit more depressed.Nowadays even a wholesale deal in a prime market like huntington beach or hermosa beach probably wont work (fourplex is probably 1.6 -2.0 M and wholesale deal is probably 1.3-1.5M) and if it did work it would be a unicorn of sorts and you would be a very lucky individual indeed.

Our cpa tells us to track everything and you can sort it out later.

I'm trying to wrap my mind around the financial benefits to this sort of strategy.

I joined last month and the ability to network face to face with local investors is sort of priceless.