Only one way to find out go to the sale prepared with funds to bid.

Hello BP,If one has a primary residence that has been rented out for more than 5 years, has an existing conventional 30 year fixed loan on it, and will continue to be rented out going forward..how can the same owner (who does not live in the primary residence) acquire a multifamily property with a FHA 203k loan?

I plan to get out, go to college(GI bill), and work a part time job which would be govt.

This will be even more of a dump for you since it'll be ALL outgoing cashflow and none coming in.Just something to consider.

With a long term tenant and late fees you may be better off than kicking out, going a month or so with no rent while repairing and screening.

If you can stay newer than 1950 build you will eliminate alot of headaches that comes with buying much older homes.If I were in your shoes I would buy a good rental for 50k, rent it out, go to a bank and refi it, get all if not most of your 50k back out and do it all over again. 

There is a location where like minded investors gather in Lake forest every month that you should check out. Go

I'm very partial, lol, I live and work here, but definitely check it out. Go

If you've got land there you can build on I would say knock yourself out!  Go

I was financially independent in four years (more passive income than outgo).I found it takes a Lot less money, it’s a quicker turn around, it’s easier, and the competition non existent.That was 20 years ago.