Given that this is expensive and renters don't exactly care about this, would you recommend I do two duplexes rather than a quadplex, meeting the fire safety regulations?

Many people might elect not to rebuild in a community that lacks easy access to shopping and services, or because the limited evacuation routes in a wooded area cause them too much concern about their safety.  

I know that my "margin of safety" is a little tighter because I'm not seasoned with a large amount of capital available.

Since you're new to being a Realtor also saving the 6 months of expenses is a good safety net for yourself.

I was thinking that the long peninsula already impedes movement and an island will give some countertop space to cut food on or just extra space but I can see what you're saying.

@Nick ElgPersonally I would follow the money and what I mean by this is follow these billion dollar companies like Whole Foods, Starbucks, Home Depot, etc.

I have many times had them require repairs that had nothing to do with habitability or safety. 

Gordy's Foods, where the creditors were out about $40M on the insolvency of Gordy's Foods.

(zoning, building safety, environmental, code compliance, flood control, etc) This process will require some patience because you will need to contact each department individually and the left hand does not always know what the right hand is doing, but it is worth the peace of mind to know the park is 100% in compliance prior to closing.

Getting into real estate costs more than most people think and it takes great personal discipline not just in terms of saving back cash but discipline in every aspect of your daily life from how you budget your morning routine to what you buy for food to how you spend your free leisure time .