Owner Occupied 4 Plex-New Construction

[Alex Hill]

Hi All. Looking for some direction and recommendations in my area. Looking to build a 3 or 4 unit multi-family project in Menifee, CA in Riverside County. I am planning on occupying one of the units. FHA Loan Limits in my area are $829,350.00 for 4 units and $629,350 for 3 units. I have contacted planning at the city and most of the upcoming zoning changes would allow this type of structure in residential zones. There are areas under the current plan where multi family is allowed as well. I would be required to submit a plot/site plan as well as have a public hearing. The public hearing might not be required for only 4 units so I will need to check on the details. I am looking for recommendations on an architect and engineer to assist with design, permitting, site plan, etc. Also looking for a lender who has done FHA One Time Close Loans as well as a contractor who has worked with these disbursement schedules and is okay with the paperwork. Also, looking for everybody to poke holes in this idea. Seems like the numbers pencil out that even in the worst case scenario I would be living there for free or close to free and would cash flow once I move on and rent out the unit I will be living in. Not sure how to research the soft costs associated with multi family. Land costs will be around $125k. So not sure if it's possible to make it happen in land, design costs, hard and soft construction for 4 units at the $830k mark. Any input would be appreciated.