To summarize, conventional is less expensive than hard money. 

@Lane Kawaoka- I feel like you summarized a lot of what I'm feeling.. 

For sure -- so to summarize, if I do live in it, try to get $100 to $200 in income after all expenses are said in done each month.

To find the right figure, summarize the cost of repairs and restoration, add 20% for profit, and subtract this amount from the current market price of similar properties, of the same features.

To summarize, it really depends on your strategy.

Just the FNMA guidelines alone are over a thousand pages, not realistic to summarize in a single post, but I'll try to hit the big ones.Primary residence does count towards the limit, but if the subject property is a primary residence then it does not apply.25% is the standard for 2-4 unit investments, as low as 15% is OK for SFR, but the rates are uglier than even other investment property mortgages. 

So to summarize, there are pros and cons, but make sure you know what you are getting into by using a local property management company, and realtor that knows the neighborhoods.

I summarized the House version of that Doc in a BP article last week.

To Summarize current income 70k a year credit score over 750 for both, 0 debt for both.

If I had to summarize; it is a potentially awesome no down payment mortgage product with stipulations.