I thought there was an FHA one time close mortgage that combines a construction loan with permanent financing.  

The number of people who own 4-20 unit complexes can't be that big, I just checked all of Austin, qualified for 30%+ equity and >4yrs ownership, and it was only 268 unique owners.

I'm trying to figure out a way to do this where:- I obtain ownership within ~5 years by only paying off the property taxes- Owner can stay in the house at least another ~5 years and doesn't have to pay rent- I pay for much needed repairs up front that they can't affordMaybe we need a combination of life estates, lease options, and land contracts?!?

4 - I see a combination of goals, but no actual plan to get there.

@Carl Randal Some investors in Texas (and I realize you're not in Texas) will "close" at a notary but typically do so only in very unique (urgent) circumstances.

develop your own unique to what you're good at and what you like to do...and stay away from people like him, unless your wallet's too full of cash

We paid $46k for both and will cash flow $700 combined after net net net. 

I Am a long term buy and hold investor aiming to gernerate passive income build long term wealth all while getting some appreciation and allowing OPM (other people's money) to pay off my assets allowing for even greater cashflow.....This to me is a willing combination.

But I would definitely talk to your cpa because everybody's setup is different and there may be something unique in each situation that allows you to do something different to maximize your profits and limit your tax liability.

Your plans might change down e road if you decide to scale.For my particular situation,  I don't payoff extra debt unless it is hard money or a unique circumstance.