Secondly, many people are unaware of the self sufficiency test for 3-4 unit MF.

Every 2 or 3 months sufficient (like December 2023 or January 2024)Does anyone have any other recs on how you would approach rent increase in this situation?

Nonetheless, I recommend just using the BP calculator for now for these small deals, it should definitely be sufficient. 

(and place it "at risk" I'm assuming )    Assuming the deal is at least  "average"  for a high end , lower cap rate facility, and assuming that cash flow is sufficient to produce excess "cushion" cash flow at the end of every month -   is this too much net worth to tie up into one property?  

We made a lot of mistakes but the grace of God was truly sufficient . 

We now just put another house under contract to move into and we have just been told that we don't have sufficient enough reason to buy another primary residence and that it has NOT been a FULL 12 months.

This might be to do a larger, more efficient and profitable deal, than just one investor could take down themselves.It could also to bring in a person/company that has a specific skill set that you or your company do not posses that will add value to the project.Larger projects more frequently end up being structured as a joint venture as there is typically a real estate operator who has a deal and the ability to execute but without the sufficient capital.

On a 3-4 unit purchase using FHA loans, you'll have to pass the 'self sufficiency' test but it's completely doable. 

That is why it is important to have cash reserves sufficient to weather the next recession when it does inevitably come.

The industry is pretty tough if you don't have sufficient learning materials and if you are not an initiator.