Newbie with Student Loan Debt: FHA, 203K, Conventional or SBA?

[Maria Renee]

Thanks for any advice you can provide!

I have $15k available for down payment and closing costs. My DTI is decent thanks to a solid salary (with 8-year history), BUT I want to escape CA sky-high property prices, quit my job, move across the country (to either AL, FL, GA) and start fresh with a 4-plex (will live in one unit to qualify for FHA and low down payment). My understanding is that the income from 3 units of the 4plex can count towards my DTI, but since my full-time job is going away and I have high student loan debt (currently about $1200), it won't look good after the move. I have 0 other debt besides the student loan, and my credit score is about as high as it can get. I do have some freelance income to show, but not that much because it's only been a side-job test to see if it will work once I quit my job. Once I go full-time freelance, I anticipate being able to bring in about $4500/month in addition to the rental income. My husband works in construction, and we anticipate being able to save on upkeep/maintenance/rehab costs with his sweat equity.

As I see it, here are the options:

1- get a full-time job in the new town (but I won't have a 2-year history with it - so might not work)

2- enroll in school full-time in the new place, loans go into deferment status (I read this was a loophole, and I do like the idea of continuing my education), hopefully qualify for FHA or FHA 203k

3- go conventional with less expensive property (keep my job in CA and hire a property manager)

4- quit my job, purchase a small motel using SBA 10% down loan and live in the manager's unit

5- suck it up and stay in CA, use my salary to qualify for a property here (but down payment is then a hurdle)

The properties I'm looking at in AL, FL, GA are all in the sub-$250k, many would pay for themselves plus provide $700-$1000 monthly cashflow after all expenses.

Are there any other options I haven't considered? Any advice/thoughts are appreciated. Thank you!