The house was a 3 bed one bath.

For my clients, I like Easy Streets bridge purchase and STR DSCR programs. 

PM me and I can get you in touchwith some Wholesalers or Investor-friendly agents around Houston :) 

Regular home purchase or sale?

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

From what I can see around here it is a landlord friendly state so when you turn your prop into a rental you should do well as long as the numbers are good.Acquisition is all about entry price.

Purchase price: $640,000 Cash invested: $220,000 Purchase price $640,000Got it at this price because there is a non-paying tenant in unit 2 (rent value $3,500), we're in court Rehab $60,000All in cash (rehab plus down payment) $217,500Rehab included ground level basement and 2 parking spot drivewayMonthly cash flow $1,500 ARV $950,000Equity $470,000Refi cash out (August 2024) $150,000 (used to buy new rental)New monthly cash flow breaking even (non-paying tenant still in unit 2)New equity about $200,000

Assuming a 340k purchase price that would be 34,750 out of pocket.   

Wagner was recommended by my cousin who purchased a few properties with them and he's happy with the process.

Most buy the entry level SFH because its what they are qualified to purchase.