The more I read and the more I talk to investors, they advise a different approach in putting a couple down payments on maybe 2 multi-family deals instead. 

I think you're right and proposing a healthy mindset.

I have recently taken the approach of sending letters to owners of multifamily properties to see if they would be interested in selling.

If approached by a buyer with an agent, is there a way to put any buyer’s agent commissions back on the buyer?

I have 3 healthy STRs in a popular lake community that draws about 6M visitors per year.

They are similar in that they are both in the sunbelt, diversified economies, favorable landlord/tenant laws (GA is better for foreclosures), and healthy population growth. 

I would approach that conversation as being very understanding that she would want a good place to live with her boyfriend but that he just will not meet criteria to stay in her current home so she should start looking ASAP. 

@Grant Thompson, what's your approach to researching the types of loans described in option 4?

If she sees that you are approaching her with a caring voice, she is much more likely to respond in a likely fashion, and you guys will work things out without a lengthy eviction process, nor a late fee..

You may be ahead of your reserves for a year or two, but quickly can fall behind those your reserves, as budgeted.I take a very conservative approach, but not only budget all recurring items, like landscaping and snow removal, but also take the replacement cost of every item divided by the useful life (both physically and aesthetically) and budget that as well.