Lenders want to protect their investment not because of possibly you but your profile (little equity / assets etc) which is common for someone in their early 20's - want to make sure skin in game.

I personally try to automate as much as possible and rely on great/trusted handymen, cleaners, etc. on the ground that can take care of anything that comes up and let me know about the state of the property.

I have called some local lenders (I prefer to deal with local banks if possible), but have not gotten very far.

Other possible issues I may encounter with the address is with my home insurance, car insurance, and if the FHA does a check to see if I'm residing at the property. 

Here is the latest example from yesterdayThis is how they advertise it, $180,000“If you’re looking for a great investment, with great bones and endless possibilities, this 3-bedroom, 2-bath gem in New Braunfels is it!

My wife and I are interested in buying our next rental property, particularly a SFH and we plan to rent by the room, and possibly go through Padsplit and rent by the room.I own a duplex from before our marriage which is rented out on both sides and she owns a townhouse from before we got married that were currently living in.

You are right, when the inspector mentioned the possibility or prior water damage is when you should of had that basement inspected by a contractor/professional and not listen to your agent.Gregg is right, the sellers were aware of some of the damage which is why they gave you a 5K credit. 

Consult an attorney to review the zoning and see what is possible.

It enables me to pool resources, leverage my partners' skills, and gain access to larger investment possibilities that would be impossible for me to pursue alone.

I actually recommend house hacking as a first step if possible.