With focus and determination there is no reason why you wont achieve your goals.

Hi Lindsey,If you're from long beach and this property is in Minneapolis then it will have to be non owner occupied.If you take it on with private or hard money you might be able to buy it below market, repair, then refinance it out with a conventional loan after but make sure your loan payoff will be at 75% LTV or lower so that you wont have to bring in any extra cash to pay down the loan to 75% LTV.Max LTV for fourplex is 75% for rate term refinance no matter if its primary residence or non owner occupied.FHA will not be an option in 99.9% of cases since you'll have to prove occupancy and being over 2000 miles away won't exactly help unless you're a pilot and you fly in and out of LAX or LBX into Minneapolis, MN every other day and can prove you'll be living there the predominant portion of the year along with many other FHA requirements like self sufficiency rule, 3 months reserves PITIA, and etc.If you have any additional questions 

I would give them notice now, and with the notice let them know that if they clean up the pile of garbage outside and remove everything from the inside of the unit and sweep it clean, you will return their entire security deposit.You want them to have an incentive to not destroy your house.Have you seen the inside of the unit?

(wont let me vote on your post for some reason?  

I am in the same situation in California.We bought a property that should easily sell for 950k after repairs but my partners wanted to be cheap with the rehab and now no one wants to even make a lowball offer.Hard money loans are destroying us and we're looking at a minimum 50k loss or more.

Just realized I linked the 4 ton unit....you wont need anything that big.

First, if you choose a friend, it's likely that a bad deal will destroy a friendship, so in partnering with a friend, you risk too much.

My 2 cents worth.Get a fan rated for at LEAST twice the cfm's based on square foot,,,three times wont hurt. 

You probably wont qualify for a HML.Most want at least 20% down, 6-8 months of interest reserves in the bank, and you to front the rehab.  

Keep in mind you will have two types of tenants, those that allow their dog to destroy your property in which case a deposit will never cover the repairs and those that have little additional ware and tear.