Like you said it's more impactful to lower priced area ; state that doesn't offer dual agency and most homes are purchased with FHA/VA. 

(Since it sounds like the new home is more expensive.)Now the important question is what did you pay for it?

They will look to work with small operating companies to get sba loans, but they will want to see two years of income : tax returnsSo if the company is a general contractor then its income / expenses could get it some sba loan but if you are fixing and flipping and are looking to get a mortgage they will look at you not the LLC

Then I tell most of them I’ll have to bring their rent up just a bit due to my higher mortgage and expenses than the last landlord.

The Seller giving you a credit towards closing costs to offset the expenses.

After about 1 year or so, I could consider buy another 4-plex, using it as primary to take advantage of the lower down payment.

What I'm wondering is can we have these 3 properties qualify as a business, with all the write offs that come along with owning a rental business.Your rentals are a "business" (even if you owned just 1) in that sense because its an active thing with expenses you can write off.

I don’t see a huge issue with a 5-year term right now as most folks are planning to refi in 2-5 years at a lower rate anyway.

It was pointed out by other contributors that often the major expenses on a rehab are kitchens and bathrooms.

With everything getting more expensive, the cost to put together a fundraise will be $10-$20k and if you do not have friends and family you will spend another $10-$20k to market it.