They will not let you get 2 FHA loans within a 100 miles except in rare circumstances surrounding a divorce. 

Even if it were a distressed sale, it depends on the circumstances and the condition of the property.

I'd go, but not to the reception.In a related circumstance, my new renters of my recent BRR invited us to their housewarming/MMA fight night. 

Fannie Mae also has one called HomeStyle.HOWEVER - you must owner occupy for a year, unless there are special circumstances.

Scott shall not be considered active under the following circumstances: unemployed while seeking gainful employment, on disability from full time employment, retired from government employment, or other circumstances out of control and atypical to choosing to pursue his housing business endeavors as his sole source of primary income. 1.Should Scott choose to “actively” engage in housing as his source of employment as defined above, Scott agrees to give 25% (twenty five percent) of his net profits accrued from his active efforts during the period of marriage to wife in the case of a divorce.2.Payment of such percentage of funds shall be payable over 120 equal monthly payments, or equivalent to no greater than 10% of Scott’s New York State Adjusted Gross Income, verified annually with payments adjusted the 1st of November each year, whichever is less, to ensure no undue hardship to Scott or the business will be endured.

@Bosko Mijatovic Especially for a job like that you will want to pull permits, un-permitted additions absolutely destroy the value of a home in many circumstances not only do you lose the money you spent to do it but you can lose the cost to fix or revert the addition. 

If the LLC is taxed as an S Corp or C Corp, running payroll for your dad and issuing him a W-2 becomes possible.Best to consult a tax CPA/EA who will examine all facts and circumstances.

It depends on your financial circumstances.

Desperate people, properties and circumstances are their bread and butter.

What we decided to do to comply with the city is to convert the home to a single family (removing one of the front doors), but keep the right side as a distinct space with a MIL suite with a small kitchenette and back entry.