FHA loan advice Please

[David Rutledge]

I was hoping to get some advice.

I live and work in OC California and I recently purchased my first two rental properties in Oct 2016. They are both out of state (one in NC and the other in IN)

I am already looking/planning down the road for my next purchase. I still have about $30 000 in savings and I am actually looking into the prospect of using that cash as a down payment for an FHA loan. Ideally I would like to buy a multi family property, live in one and rent the remaining units out. I do not believe I will be able to buy anything that makes sense within OC but I do believe there are options in places like Riverside, Chino, Temecula etc... which are within 90 mins of my work (I do not travel in peak hour so that helps a lot)

I am wondering if anyone on here has any experience or knowledge on whether or not I would be eligible and able to receive an FHA loan for a property such as this with my situation. I have heard that because they are insured by the government they are a little easier to be approved for?

Both my properties are cash flowing around $200 per month but as I mentioned I have only had them for a few months (will have them about 12 months by the time I am ready to purchase my next) and I am not sure if lenders would recognize that as income or actually count the mortgage payments as a loss in the debt column.

Any advice or insight on this would be greatly appreciated. 

Thanks so much for your time.

David