If it's a long-term play, the potential savings on PMI with a conventional loan could be significant.Have you compared rates for both options?

A 4-plex would be ideal and you could play around with doing 1 long-term, 1 mid-term, and 1 short-term, plus you, if it works on your area to upgrade your income.

Yup this is right out of the Sub Too guys play book. 

Given how the housing authority does their rent price determination on individual units, and government ran programs are never beacons of efficient processes, it can go either way.Note, the examples I speak of only relate to C-Class and below areas.

Redeveloping into mixed use live/work/play projects has been the most common proposed solution the past few years in my area. 

Other than that, it plays no role in and has no relevance to the mortgage acceleration scenario."

You will have two separate K-1s as you are each individual owners.  

A JV structure is good for a one-off deal because the only commitment you have is to the investor(s) and that individual project or deal.So in part, the answer to your question depends on what your objective is. 

When you go to sell, Montvale requires a certificate of occupancy so this issue has to be resolved in advance of a sale.Although I am not a lender, I assume you will not be approved for an owner-occupied mortgage on 5-units if it is a legal 4-unit without some type of mortgage fraud whether in reported rents, units, or another legal document or representation (very very large issue from a legal perspective with multiple arrests in the last year for anyone playing fast and loose).As far as the DCA, I would recommend coordinating your work with the city with the DCA.

As you discover opportunities, continue looking for the longer play!