So my question is, I'm sure you means tested your model using the 1970's. 

Typically lenders want the commercial use sqft to be less than 25%.Other concerns:- FHA limits go up for more units so if your limit is 350k then 2, 3, 4 units loan limits might be higher depending on how many units you're looking at from 1-4- Self sufficiency rule with FHA - this is not rental income calc its just a test FHA does - 75% of the market rents of all 4 units must be greater than the monthly PITI (prin/int/tax/ins) payment otherwise FHA will not finance the property or you'll have to work strategies to either increase the rents or lower the monthly PITI (more down payment, rate buy down, going 30 year fixed to 5/1 ARM, many other strategies, etc).- 3 months cash reserves typically are required based on monthly PITI payment- health and safety of the property must pass a fha appraisal otherwise repairs will be required to be made (chipped paint, leaks, loose handrails, GFCI (ground fault circuit interrupter) outlets in baths/kitchens/wet areas, holes in sheet rock, double strapped water heaters, CO(carbon monoxide) and CO2 detectors in main living areas, and etc.Those are the general items to utilize FHA financing.Hope that 

Its all about testing out all of the models that interest you and landing the one that makes the most sense for you and the goals you're aiming for.Best of luck to you moving forward!

I have a single family property right now that I’m flipping, and i was considering keeping it instead just to test the water.

I’m taking the NASCLA test.

Get your feet wet in Cali first, learn the game then when you are ready, start testing other markets.

@Matt HummelThe 0/100 partnership may not fly by the IRS if the whole intent of the profit and loss split is for tax purposes.It may not pass the substantial economic effect test.

Now I am all for buy 1 test the market have a proof of concept first. 

i was curious about competition, and looks like you're the highest priced house in that vicinity (other than the stuff that's not remodeled and been sitting for >100 days). do you have any remodeled comps to support this price, or are you testing the waters?

The most common sniff test is the 1% rule, where the property can produce 1% of the purchase price every month, it's worth digging into and looking at the deal in more depth.