I’d even consider finishing the basement, just well enough for me to live down there, so I could rent out ALL the units.I’d save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary.

It is just the law.

After giving up a $1,600/month lease I had for 4 years in Studio City, I moved twice and now similar apartments go for $2,800/month in the same area.

There are DSCR lenders that can do the lower price point, however the rate and fees won't be the best. 

There’s some really good posts in this thread.

I deleted it in this post but I plugged it in.

The repair was extensive and costly, requiring excavation (about 3x6 feet) to replace the broken section and clean up the mess.

Just keep in mind the MIP doesn't come off the loan like normal PMI at 25% equity.

As you move up the price chart there are just fewer and fewer renters. 

Florida’s a great market, so if you need tips or guidance, let me know—I’m happy to send you an example of the report I created and the article I wrote about this.