Granted i know you have to calculate expenses, maintenance etc. so that's one way i was going. 

From there, the plan is to live in this home for 6 months, and then obtain an FHA loan on a second property at which time I will move in and make that home my primary residence.I understand that: I cannot have another ownership interest at the "note date" of the Home Possible loan (which I don't/won't) FHA loans require a certain DTI ratio (excluding rental income) that I will have to hit (which I plan to)Now, granted I'm able to meet both of these requirements, will there be any obstacle in changing my primary residence after 6 months from the Home Possible property to the FHA property?

The only "gotcha" here is that the original $214,900 is deducted from your overall $400,000 or something that the VA grants us veterans. 

So the plan we figure is cleanest is to have the LLC buy the property from the individual partner (writing check from LLC to individual partner, and recording a grant deed transferring title to the LLC).

Granted, some people do great buying and renting in those areas... but you definitely need to know what you’re getting yourself into.

Now, with the eviction granted because they never showed up to court, they refuse to leave.

@Grant Lin    Redlands CA. 

Granted you are probably going to have to look off market to find a decent deal. 

-------------Granted this does not apply to the majority of situations, but for a small percentage it should!

I called up the person at the zoning office, told her why I was calling, it was going to be half empty for 5 months due to the upgrades I was doing, and she said great, I'm glad your improving the property, extenstion granted.