Four Family Investment: FHA vs. Conventional

[Conor Hussey]

Hi all! I am looking to make my first real estate investment in a four-family building. I am open to living in the property, if necessary, however, would prefer not to. With that said, I am aiming to limit the total down payment with the understanding that this approach may force me to owner-occupy the property. For context on my finances, I am in my late 20's with very strong credit, healthy income/employment status, and decent cash reserves. 

I am trying to understand the difference between an FHA Loan vs. a Conventional Loan.

I understand the differences as the following:

Please let me know your thoughts on my post and any information I may have misrepresented!

If anyone has a good rule of thumb for closing costs and operating expenses for a typical property, it would be much appreciated!

Thank you in advance!