Aside from these conditions, all FHA loans must be used for principal residencies only, whether it is your first FHA loan or second FHA loan.One way you can be granted a second FHA loan is through relocation.

I've had varying responses from colleagues so I'm reaching out to the experts for advice.My first instinct is to pay off my mortgages early using the conventional method ($300/month extra principal payments).

@Mary Jay, I have been considering the following scenario/example:Buy $300k house with 20% down ($60k).Prior to 1st payment, make a $140,000 principal only payment

They are paid a return (and eventually their principal back) via cash flow and/or from the sales proceeds when the property is sold. 

In OR there's a Principal Broker and Broker.

However, the amortization is about $420 per month toward the principal with about $20,000 paid down total and since I did not put a down payment at all my ROI not really calcuable.

Just something to keep in mind.Another option, you can use FHA instead of VA as long as you meet the criteria: (7) Military Personnel Eligibility (a) Standard Borrowers who are military personnel, who cannot physically reside in a Property because they are on Active Duty, are still considered owner occupants and are eligible for maximum financing if a Family Member of the Borrower will occupy the subject Property as their Principal Residence, or the Borrower intends to occupy the subject Property upon discharge from military service.

I think I'd like to have all my money back so I can get into another property, while my tenants pay down principal... and I'm budgeting for capex, maint/repair, vacancy, insurance, taxes, and management... but is the benefit of having nothing in the deal worth having almost no true cash flow?

There are a few thresholds that would determine your tax residency ties, the most important being where is your principal residence located.Essentially, the country you are a tax resident off, you will be required to pay tax in that country on your worldwide income.

You can add details in the offer that include the payment amount they are getting, total interest paid in the life of the loan (maybe you're offering a 5 year balloon) and show what the amount of principal that will be remaining when the balloon is due.