First, I want to address the question of rental arbitrage vs. buy and hold STRs:In my experience buying the real estate (even if it results in fewer units) is almost always better than rental arbitrage.

If you don't mind me asking, how many units are you dealing with?

It's got a PM @ 10% a month.I am moving back to TX and will be buying an owner occupied (1 unit) 4-plex in the same city as my current rental.

I've been too busy rehabbing my 3 unit apartment building to really focus on anything else.But nonetheless, I have been keeping up with my less-than-professional deal pipeline.My first question regarding this involves raising capital to invest in deals.

I understand this eliminates the "self sufficiency" test that the FHA requires for 3-4 units - which is great news. 

Duplex is a great first step into the REI market if you can buy one that you can put in a little TLC/renovations, you can quickly refinance in as little as 6 months and buy another property keeping it as a rental.Duplex allows you to use the other "Unit" rents to qualify for the loan or higher loan amount.Rent is a waste of money when you look at an amortization schedule and payoff based on a 5 year model your rental has (ZERO) equity and a home has money you can pull out.

If the law applies and they have not vacated the unit on the day they provided,  get the sheriff to remove them (squatters no longer are required to be evicted).  

It's a 7-unit shopping plaza, all units are rented to local/ neighborhood businesses.

As one of the biggest home buyers nation wide, word has it that New Western has 4 dispo reps for every 1 acq rep.  

Words without actions are meaningless.For exampleI have heard "investors" put $5,000 in syndication and now tell everyone they own 1000 units.