Unless you plan to pay cash for your properties, get pre-qualified for an investor loan, so you will know how much credit you will have access to.The end goal - This is usually something like $10,000/Mo. income, in present value dollars.Time frame - The shorter your time frame to reach your goal, the more initial capital and credit you will need.Your plan does not need to be complex or in any specific structure.

But, IMHO the same thing happens to these workers that happens to students that are admitted to colleges that they didn’t really qualify for.

If by we, you mean a partnership, then investing in the LLC may make sense, especially if that allows you to qualify as an accredited investor.

Since you occupy one unit- that unit will qualify for the 2/5 year rule (if you've lived there for at least 2 years) for the 121 exclusion and be tax free. 

Think scholarships (even if you don’t qualify for academic ones there’s thousands of random non academic ones if you do the research), community college then state institutions, etc.

If OP is 4 month slate b/c OP isn't qualified, is dragging their feet on paperwork, etc, then it will not accomplish anything.

Only time I accept anything less if is it’s multiple renters and the other one or ones can qualify without the one with the poor credit score, someone comes from another country and they give me a printout of there credit score there, or the have no credit cause they’re actually fiscally responsible and have zero credit card debt at an age where most have plenty. 

We are getting a great deal (buying from a family member) so it will be income producing and we already have other multifamily to qualify as experienced. 

I don't have a traditional income (just started a digital company with international clients, and most of my equity is based on stocks), so I don't qualify for regular loans.

I will continue to pay down the mortgage as I take the steps to qualify for the most appropriate loan.