Obtaining the FHA loan is great and you could repeat the process after about a year with the right lender.  

@Madison SloanTo start house hacking, focus on saving for your down payment, researching target markets like Salt Lake City or North Idaho, and building a strong team of professionals, including an agent and lender.

I plan to call lender on this but don't want to wave any red flags. thoughts?

The lender required me to quit claim out of my LLC which I use for asset protection.

., the appraisal for 5+ is at least $2k-$3k) and the financing structure by lenders because Fannie/Freddie don't generally buy loans for commercial properties.So, for you personally, the biggest driver for the type of your next property is probably going to be the amount of a down payment/equity you can put in the property.

Look, I will try to simplify this: We have 3 parties money; (a) the landlord investor, (b) the lender giving a mortgage for purchase money, and (c) the tenant paying for use. 

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

It comes down to how each county handles property tax valuation.To put it in generic terms - a title company & lender will base your initial mortgage payment on the property taxes of the previous owner.  

I have a number of lenders that I work with that will do up to 80% on a cash out refinance.

I'm happy to share my experience as both a flipper and a lender.