Is fha right for me?

[Jeremy Bear]

  With my first fourplex rental nearly finished construction and refinancing, I'm looking to possibly use a fha loan to finance building a second fourplex.

  I'd build it through the same company that did the first then purchase it after its completed with a fha low down-payment. The return wouldn't be exceptional but it would be paying down the principal with a little cashflow.

  I'd like to get other people's opinions but here's what I was thinking on pros and cons.

pros: low down-payment, high leverage effectively a hedge against inflation, use up unique fha loan slot, get a second rental, I can get capital gains by building/buying for 5% less than market value.

  cons: not great cashflow, if there's a market crash/correction I may end up oweing more than it's worth, will comsume all my time/money for 6 months minimum.