Who pays when the resident breaks the agreement and quits paying? 

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Are you cashing out the equity and using additional revenue streams to get the 2nd one?

Possibly using mortgage/home equity loan on one unit we own to buy an extra one.3.

Quote from @Anthony Michael Hamza: Investment Info:Single-family residence buy & hold investment.

Quote from @Nicholas Dillon: Hello All,I have around $200k in equity in my primary home.  

Quote from @Marlin Yoder: Investment Info:Single-family residence buy & hold investment.

In speaking with a lender, I am told that the equity in the property can be used as collateral against the loan if owned for at least 1 year. 

Using a 203k, you'll usually have quite a bit of equity that in 1-2 years you should be able to refi out of the FHA loan product into a conventional removing the MI associated with FHA loan products. 

I had an outstanding cost of $30k that I rolled into a cash refinance on our primary residence.