@Garry CookSorry if I interpreted your post incorrectly.

The legal interpretation we have is selling, which means closing within the 90 day period.My biggest concern w/ your deal is the skinny $14K margin.  

What tips do you have to help a newbie prepare to interpret proformas when I start looking to buy in a few months?

Although David's post can ruffle some feathers, I do hope that some will interpret it as motivation to do some due diligence before asking for assistance.

since the interpretation of the IRS is that a refi immediately before a sale is a taking of profit, and since you can show a paper trail that demonstrates you were simply exercising your normal business practice, reinvesting the re proceeds in other properties and not taking cash/profit out at any time - you've got  a good argument if ever questioned.  

Is that correct in how I am interpreting that? 

Either way, the 30 days notice should be interpreted as "at least 30 days".

The way I interpret this, is that you should be alright if you lived in an fha insured property ("supposed" to be for 1 yr...lol) and you move out to place a tenant in there.  

Think of it as the difference between "the letter of the law" (what it actually says) and case law (how it tends to be interpreted).If some shyster sees you're holding property in your name, you're "ripe for the pickin'".

I know the math is easy...but interpreting the language is a bit trickier.