Create a list of questions that will determine with the existing clients  if the company is meeting expectations of their client base.  

Help find a replacement tenant or allow the existing tenant to break lease and move out.

Both buildings, under existing rents are around a 10 GRM. 

Obviously, you can't discriminate when renting, but you need to consider whether the prospective tenant will be good for the building, or cause problems with the existing tenants.So, yes you can start with a multifamily property, but start small and learn the business and learn about yourself in the process; but above all, make sure your significant other is on board!

If you're knocking it down and building up on the existing foundation, you may be grandfathered in on some items.

I'd love to be able to buy a plot of land and simply custom-build something from the ground-up if it's going to be a similar price as buying an existing MFH that I'm not 100% in love with.

She agreed to this, but was concerned about transferring the property subject to existing mortgage because she went and asked the bank if she could do this – and they of course said no.

A seller financing the sale of his or her own property would completely avoid the issue of licensing by retaining the services of a licensed loan originator. 

We have determined that you cannot do a 203KWe have determined that an FHA loan can only be one at a time for any owner-occ. houseWe have determined that you cannot say creative and FHA/GovernmentDo you have any existing equity in your home?

If you're afraid of the bank finding out when the title transfers - there is one method that is unique- but I know will work ( I recently did it myself for another reason - with existing tenants).