The first option gets me experience right out of the gate but I fear that with not much cash flow, it could hinder bank loans but I shouldn’t be showing any negative cash flow.

First one, buy cash $1,000,000.00 and second one with 1M down and 3M loan. 

While I do not believe we have seen the last of the foreclosures, as I recently heard that 60% of multifamily bridge loans nationwide are not paying their mortgage, I am skeptical on whether or not we will see a massive fire sale of multifamily properties.

I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan.

Thanks, Brian You would need to use a commercial DSCR loan, these types of 30Y loans do not need 12 months of seasoning. 

Hard money lenders, and private institution lender/businesses will only loan 70% of arv including the rehab cost, with experience. 

So my disneyland days are in the rear view mirror and how a normal working class family affords those trips is mystery to me unless they take out a loan :) .

The loans and properties are all under my name so I don't want to take the whole capital gains tax hit when the time comes.

Full disclosure - I'm a mortgage broker actively placing private money construction loans. 

Maybe consider subleasing the gas station.Can I get SBA loan 7a or 504 loan?