Note a condo conversion and/or coop/TIC already permitted this but financing may have more options than TIC And process may be easier than a condo conversion   Condo conversions and TIC have been done for decades/years respectively.  

We have a few investor clients that purchase here because it’s more affordable. 

My dream is to purchase a (10+ unit) in the next year or two.

Your basis in the property is purchase price plus improvements.

Since currently we are saving money by living with my parents, I would be hoping to use my first purchase as a place we could also live in.

Mid-March I asked Scott about it and he assured me it was being processed and I should have it in a few days.

@Ketul ShethRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Thre are lots of Ready to assemble cabinets you can purchase and asseble if you are a do it yourselfer. 

There are lots more rules and the process is very technical and unyielding.Consider AB-175 which clarified SB-1079 and significantly tightened it.Call the trustee that represents the lender and ask them what they require.

Purchase price: $565,000 Cash invested: $33,500 Bought the house to live in and build an ADU on the property because it is zoned for it.