A lot depends on your appraiser/lender.I wouldn't necessarily worry about rent control issues, only to the extent that the city may attempt to convince you to keep your pre-existing tenants for longer than you'd like when you move in (your old tenants may call the mayor and/or city when they figure out you are raising the rent, and the mayor/city is very proactive about trying to help tenants in need, etc.).

I am attempting to finance my first purchase of a fourplex with my GI Bill.

I can't think of any attorney that would attempt to foreclose on an association that is dissolved.

@Dawn Roof I would be very skeptical about this deal considering A) they won't let you into the house until an "offer is accepted" and B) they won't attempt to provide you with any sort of rental history.  

Sorry to hear that your first attempt hasn't gone well.

We prisoners ... err, citizens of Bruce Ruiner's kingdom (the brash knave attempts to wrest control from the evil dark Lord Madigan, despot of Springfield and take those riches for himself) would kill for taxes that low!

I am attempting to "run the numbers" to see if these deals make sense but I am so new to all this and there are many things that I do not fully understand.Can someone give me some advice on what I should be looking at or how I should be calculating my expenses vs profit.

What type of notes/investing were you attempting?

So is it the case that you would attempt to refinance for 70% ($70,000) of that value meaning you would get a check for $10,000 that you could then use for future investments?

Of course you can attempt to go the inexpensive route and purchase existing plans or have the builder draw them up (if he provides that service) but your construction costs alone (not including soft costs) will be at at least $300/ft.