Am I shooting myself in the foot when I'm applying for a mortgage (primary residence, I live-in flip) by reducing taxable income this year?

It can be applied so many ways it all depends on what your goals are and where you want to end up.

@Manny CirinoMy favorite is blue ocean opportunities in commercial real estate - incredibly motivating and detailed plus a real story of one of the best real estate gurus whom I met after that and applied his strategy to make money successfullyBtw he practically gives the book away for $2 to help others - well Cherif Medawar, the author is worth millions so he can afford it but the key thing is the content is amazing https://www.amazon.com/Blue-Ocean-Opportunities-Commercial-Estate-ebook/dp/B00EKNF71U

@Chris Ha, In multifamily the number of units is important, the loan amount size, occupancy rate, if the seller can provide P&L's or tax returns, your experience, population, state, city, value per door etc. will determine which multifamily program you will be able to apply for. 

If you apply and are approved we agree upon a date usually within 48 hours and we sign the lease.

I will appreciate some feedback on the following scenario: I applied for a loan with my bank to buy a townhouse (asking 185k) which will be my primary residence.

If there is banked rent, you can raise those too.For especially tenant-friendly like San Francisco, apply extra knowledge around tenant's right before acting.

Rough estimation: $200 - 450Gross property income: $1700 (assuming no income from a fourth unit because I would be living there)Payments and utilities: $-1450 (at max)Cash flow: $=250 (Give or take depending on utility cost, time of year, vacancy etc...)As a new investor and landlord, should I be afraid of this property and the somewhat unorthodox nature of a single family / fourplex conversion house?

I'm struggling with determining market rents in my area, and I'd appreciate some suggestions.My situation:All SFRs in small town (pop. 2100) in southern MissouriThe usual resources in my area don't apply.

I was going to try and brrrr the house not flip it but the same concepts apply for the most part.