A few years later, I hired a local Wyoming attorney to create a living trust.

Another idea for housing economy if you have an office is to rig your office to live in but not sleep in. 

Kind of like a buyer broker I did not have to worry about them going around me extra.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

Quote from @Kyle Barnhart: I live near Phoenix and looking to invest locally.

You'd need to show the income on your tax returns and/or have a lease and first month's rent/security deposit for the unit you were living in.

We plan to come back live in it the other 6 months, fix it up more, repeat that process until we can find another deal that makes sense for us. 

I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants.

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

We paid off our primary home last year and have been slowly getting the courage to jump into the investing market where we live in the Pacific Northwest.