Purchase price: $163,000 Cash invested: $90,000 Primary Residence...

You can acquire your first primary for 3-5% down for conventional or 3.5% FHA + upfront cost for fha specifically.

—and work with an accountant to make sure everything is properly documented.As long as your primary goal is to sell the property after renovating, your profits won’t be taxed like long-term rental income.

One is my primary which I live in with my girlfriend - I'll call this property A.

Our primary defense against this in C-class housing is to rely on deadbolts for entry doors. 

@Frank ThomasA few clarifying questions:Do you plan to live in it as a primary residence?

I believe you have to make that your primary residence for at least two years before moving to the next one. 

@JD Martin it will , because I can than get a primary residence without the car debt showing up on my debt to income

I think  buying a primary, putting 3-5% down, look for a home with potential to either rent rooms or duplex,  triplex or quad! 

FEMA would only worry about the one that was considered my "primary".