I am finally ready to get out of analysis paralysis and get some skin in the game!

And yes, most GCs will charge more to finish half done jobs as they will be responsible for the final product and do not know how what you have was done.

Do you or someone you know do these loans ? 

I'd purchase a second home and fulfill the loan requirement for stays etc.

Also factor in if you will be refinancing and rolling any costs back into the loan if you're looking at ROI.  

I also say that because as the property appreciates you can always refinance the loan to gain more cash flow or cash out etc..Rarely have I seen investors hold their loan for the full term.

Generally there are three categories of multifamily investment properties – which will greatly determine your loan options.These three categories are based on the number of units at the property.2-4 Units: While these are “multifamily” properties in the sense that there are “multiple units” – you will generally have very similar options for financing to traditional residential loans on single family rentals – think the traditional 30-year fixed rate conventional option or DSCR Loans – and the coveted 20% down payment option too.

We spent the next two years hiring an architect to help us with the rezoning process and finally embarked on getting it zoned commercial changing the occupancy status from R-3 to B, S-1.

FHA loan How did you add value to the deal?

Thus, when the loan comes due, the property could easily be worth less than the loan amount, leaving the owner with very few options, none of them good.