So, I am offering you the extension for free, and if you want to get a free copy, inbox me or leave a message here (the reason I'm not pasting a link here is that I want to get to get feedback from you, so a personal hello message is in need.)I hope that you are excited as me, and I'm waiting to hear from you all.Thanks!

As others have mentioned, I'm not sure the market in RE will support that however if you're looking and ready, I think that's achievable your reasonably near term future.

I understand everything that you are saying, and figured that was the was reason but at the same time you ( NOT YOU) can’t assume I’m going to commit mortgage fraud when in fact I am actually going to occupy the home.

Any reason(s), other than the one I mentioned?

Assuming you are already paying them reasonable rent and also your part of the expenses I would find a way to invest on your own.

Is there any reason the owner would be against it?

I assume you have never done anything like this before, so getting a bank to take a chance on you with so little equity in the deal is going to be next to impossible.There's  reasons you don't see a lot of new 4-plexes going up.

Madison is a super solid area for several reasons.   

I personally don't invest in MSP/STP for varying reasons but it is clear that the city agrees there is a housing issue. 

The room layout must be reasonable for a residential home.