A Couple of FHA questions

[Edward Lewis]

Hello BiggerPockets.

Hopefully, this discussion is in the right category. I've been reading about the FHA loan on BiggerPockets and elsewhere online. I've looked up a lot of information, but there are still a few questions that are floating around in my head.

1. Let's say that I find a duplex that I buy for $100,000 and I qualify for the lowest down payment. How much money should I have saved up? Should I have three months of expenses and mortgage saved up in case I don't get a tenant in that time period?

2. I've heard that FHA (and traditional) loans will only work if the home is move-in ready. How does this timeline work? Do you find a good property, come to an agreement with the buyer, fix up whatever is needed in the property, and then apply for the loan? I have no idea.

Well, these were some of the most interesting questions I've thought of so far. Thank you anybody for reading and commenting!