FHA mortgages for multi-family property?

[Gary R.]

I'm looking at two properties right now for owner-occupied income. Wondering what you guys think.

The first one is two big lofts in an area just south of gentrified Los Angeles hood. It's the most expensive property on the block. When I originally bid on it, the listing agent had put down $2500 per loft as the actual rent. I've later found out that was "projected" -- one loft has the owner in it now, the other has his friend paying 1100.

I think I could get between $2000 and $2300 for them. However, the hood is not very desirable.

Another one is an $800,000 Fourplex in a great neighborhood on the rise, very desired. Rents on that one are 5600 a month in total. If I get an FHA, i could live in one and still get $4800 a month to pay taxes and mortgage.

I'm basically renting now and wondering what I can do in Los Angeles to take advantage of FHA multi-family owner-occupied loans....