Thank you so much for your response!

Thanks for the response. 

There have been a ton of great responses here! 

His question "The question being, does this still hold true for Arizona?"

The attorney had a good laugh about that and said that they had sent several others his way with the same story.

I would love to have some clarity and steering in the right direction as to the best source for FHA loan information and caveats, as well as any tips for a 22-year-old single investor planning on house hacking for my first real estate investment.

I have a hard money lender established to cover 80% of the purchase and 100% of the rehab, so my capital partners would be covering:20% of the purchase priceRange of $30,000-$50,000 cost of capital25% of the renovation budget (to kickstart the project while waiting for reimbursements)$25,000 contingency padAny tips would be great, and if you happen to be interested yourself I can send you more details.

Here are my responses to your questions1) Not my area of expertise, but the numbers on this are very strong2) I'd generally lean towards building the CFM, but strategically selling some properties when someone gives you a offer you can't refuse.3) Most HMLs would lend you 75%-85% of your purchases prices plus up to 100% of the rehab costs (though some HMLs like to see the rehab costs at or below the purchase price).

And the builder was happy to pay me he was going to be in major trouble with his bank.. then one transaction I brokered a 5 mil apartment and made 2%  so 100k..

You are going to get conflicting responses on this because a lot of it comes down to your plans and your tolerance for risk, which are things known only to you.