Andrew used 75% of ARV which is the typically the Loan to Value (LTV) ratio Lenders use for Refinance loans.  

I intend to utilize the flex option.

@Kelton Bajo For conventional financing you can typically have 10 SFR to quad properties. 

I currently work in commercial real estate for a large developer, but have a strong desire to put together rock-solid deals in the single family/multi-family space, utilizing BRRRR and/or flipping.

Typically assessors reevaluate properties every few years, and then just apply some percentage adjustment in between.

of the utilities building north of Nash square.

Multiplex scale easier and typically have better cash flow (excluding some off market SFR because there are so many SFR it is easier to find better/more off market deals). 

So typically the rates are 25% for VRs.

If I apply with an N4 followed by an L1 and I do get that tenant out, is the other tenant allowed to stay there and pay half the rent + utilities and only?  

There is typically a minimum of a 6 month seasoning period.