....I love to talk about Real estate but it’s not my friends’ favorite subject. 

There is a book on the subject written by David Greene that you can get here on BP or on Amazon (probably cheaper).Unless there is another awesome market that you already know better than Atlanta, I would advise you to stay close to home.

I would expect buying the 4-Plex and selling four individual townhomes would yield a decent profit.I'm a noob to this subject, but it seems like a condo lawyer would be able to create an HOA. 

I don't know how your private money lender works, but usually, banks provide a GFE (good-faith estimate) that should outline all the costs.  

Interesting market for sure, though the oil and gas industry is subject to substantial swings and isn't for everyone. 

What are there rules outlining the occupancy regulations for the VA loan?

I rather have multiple people submitting bids on my deal rather than one person (Which is Possible if CAP Rates are high in the subject market).

I know it’s subjective, but how risky is too risky with this?

I also have a business partner who's in a similar situation to me with learning and ambition, and he and I have been outlining our goals, strategies, ideas, etc., so I won't be going at it alone and do not have to risk everything of mine necessarily.

Subject-to.