So I feel it's definitely a limiting factor to a sale.I feel like I'd be narrowing down my possibilities of a successful transaction telling the seller I'll cover it and expect a unrepresented buyer working on their credit to bring a huge EMD, Purchase Option, and/or pay elevated rent. 

These are often called portfolio lenders because they keep their deals in-house and only have to get it to pass muster with the bank's board of directors (BOD), or some long-term, trusted loan officers have a limit up to which they can approve loans without consulting the BOD. 

As long as you plan on occupying one of the units and there are no restrictions then it usually isn’t a problem.Occasionally, some programs might be limited to single family only...

But she lied on her application, provided fake credit report / maybe also paycheck, had multiple evictions in the past.. plus I have a sense she’s going to demand 2mth+ rent (legal fees are ~2/3 rent), and I won’t be able to get over it easily.

Smart you have a FT and PT job- I think you should essentially dive in.. but not make a "bad purchase" , since you can't win on the sidelines You absolutely want to have reserves when you invest, it would not be smart to have limited capital since if you have a major repair, you will be in trouble. 

My experience is limited but here is what it is:Owned a single rental condo ... sold it as I later realized it was safer than I wanted to be. 

What is enticing to one investor might not be for another one, so is a very difficult question to answer with such limited info.Also, I don't have experience with multi-use resorts so I'm not quite sure about what is a "typical" structure used in that niche. 

Do you have any experience with mortar and its application?

It is end to end property management portal, from application to rent payment! 

They only limit creditors to the assets of the LLC if it becomes insolvent.