But most that I've seen will not consider it unless the investor is bringing $500K + to the investment (your amount would conceivably make it worth their while).  

And the older you get, the harder it is to conceive and the higher the chances of birth defects (most people don't know it, but it's true for older men too!)

but one structure used entirely for your personal residence although technically two addresses with no adjoining door could conceivably be sold under a 121 exclusion with your accountants blessing.Just remember there's a lot of difference between a vacant unit next to your owner occupied duplex and an entire duplex occupied by the same immediate family.

We haven't seen your contract and it is very conceivable that it permits you to cancel with your only liability being the loss of the $1500. 

Even at $2500/month I pay currently for rent would it be worth it to take on this venture or should I look out of state where I could conceivably buy several properties for the same price even though I’ll lose the FHA and have to do the full 20%?

In more than one case we ended up with a lot better flowing house than what we originally conceived based on a walk-through.Again, If you plan to do multiple projects it may be a good idea to invest in such software and learn the permitting process for remodeling.

We could conceivably go higher for the right place.

@Tyler Stone, that's a tough one.You're basically asking a broker to take on additional liability (since anything you do in real estate could conceivably be tied to them), but offering to give them nothing in return since you're stating up front you won't be doing any listings.Your best bet is going to be networking and trying to find small/independent brokers.Anyone with a brand name, e.g., RE/Max or Keller Williams, is going to have pressure from their own management to "perform" and weed out agents who don't sell/produce enough, which means they won't even consider you if you're saying you have no intention of doing any transactions under their umbrella.I know people who have done what you describe, but they either already had a close friend who was a broker who was willing to take them on, or in one case they bit the bullet and just became a broker themselves (which is fine but is additional time and expense).

They generally sell the parcels, but could conceivably just build a property and rent it out as a profitable enterprise.

It is conceivable a lender will do one loan for both properties.