Are you familiar with any low down payment conventional loans available for owner occupied properties?

If yes, the loan amount in the Twin Cities metro area is $1,054,000 which is nowhere near 5% down on 1.2 Million, not to mention the minimum down payment on an owner-occupied four-plex is 25%, if your total qualifiable income is above $83,440 annually.   

What were you expecting; owner occupied rates?  

Now, if you are planning on living in one of the units and occupying, that changes things. 

Would it need to be permitted to rent out as an extra unit since you won't occupy as the owner? 

Gain= Sale price- Selling costs- basis of home If it's their primary home and they've owned and occupied it 2/5 years they can potentially exclude $250k if single or $500k if married of gain though.

I just got a mortgage for a duplex, non-owner occupied, for a 30 year fixed at 3.75%.

This will be an owner occupied unit with the rest of the rooms on the top floors individually rented out.

Given this what are you thoughts on 1: Getting a great agent( currently talking to a few, but if you are one or know one feel free to message me) finding off market slightly distressed multi-family up to a 4plex.2: Taking a FHA 203k loan so I can take advantage of rates and low down payment since you all know RE in LA is ridiculous(creative mortgage brokers feel free to message me as well) and yes it would be my primary residence and I would be occupying one unit3: Rehab and rent the other units and STR my unit for the part of the month I’m on the east coast adding to cash flowSo all that being said and understanding that I do know LA is a tenant friendly city and not the best for landlords, and that my intention is to actually do most of my investing back east1: Do I have to wait a year to cash out refi out of the original FHA?

Meet with "Tenant 2" first and explain that you are owner occupying the property.