If you convert your home prior and decide to rent or live else where in the interim, then decide to use FHA to qualify for a new primary you can use the rental income with out restrictions of the 100 mile rule and still qualify for FHA.Their (FHA) guidelines are rigid, but with proper planning you can adhere to the guidelines and accomplish your objectives while avoiding the unintended consequences of the rules.Best practice would probably be to wait a few months after moving till utilizing your FHA loan to obtain another property.FHA does have a max of 7 financed properties including the FHA insured property (6 rentals + 1 FHA primary) so it looks like you're riding up to your max with the current of 6 financed properties.

All that is to ensure that you're dealing with a reputable lender and not someone who's scamming you.

Its an easy mistake to make with potentially deal-killing consequences.

This family owns all of these houses free and clear with a good reputation from not only the community, but their tenants as well.

Not sure how reputable/quality that site is yet...https://www.rentjungle.com/average-rent-in-raleigh-rent-trends/

My friend is not licensed, nor insured - but he knows construction and is sub-contracting out the work to reputable laborers from his personal network, some also uninsured.  

As I said, the seller is in a distressed situation and really pressed for the funds to take care of elderly parents, who are the original owners of the property.I was told by a reputable bank in my area that handles land lots loans, that I don’t have enough liquidity and I would need at least $100k in my bank account to move forward.

As I said, the seller is in a distressed situation and really pressed for the funds to take care of elderly parents, who are the original owners of the property.I was told by a reputable bank in my area that handles land lots loans, that I don’t have enough liquidity and I would need at least $100k in my bank account to move forward.

Or, is it a reputable GC who is looking for a steady supply of projects and looking to partner with an out of town investor?

Data Points:101 Latham Place, CharlottePurchase price - $116,000Buy Side Closing Costs - $5000Total Rehab Cost Budget - $100,000Total Financed Amount (purchase + construction costs) - $190,000Estimated time to Rehab: 5 Months (based on conversations with multiple GC's and Architect)HML Cost to Borrow Interest  - 10,000 (12% rate on 190,000 borrowed across 5 months)HML Cost to Borrow Points - $7,000 (3.5% on 190,000)ARV - $310,000Exit Closing Costs - $3,500Staging Company to Sell - $3,000Holding Costs (utilities, taxes, insurance) - 2,750The Total Rehab Costs is based on what I believe to be a reputable GC who has experience flipping in this neighborhood.