Oh well.However, if it does come back, what I found was that creating the optional "Individual" FinCEN ID makes things a lot easier. 

For this reason, I teach people to set policies for renting to unrelated individuals.

Your returns could be increased if you are willing to rent it by the room to individual students. 

And don’t sleep on local banks or credit unions—they sometimes offer flexible portfolio loans that could work for a deal like this.Since your wife qualifies as a first-time homebuyer, check out any state-specific programs or HUD options for down payment assistance.

@William J Anderson you want assistance in analyzing T-12s for the purpose of purchasing a property?

I'm going to start reaching out soon to a friend of a family member who owns a local PM group with roughly 1000 doors for lower income, just to pick his brain, but I can envision a scenario where if I needed to partner with someone to get my first deal and gain some creditability and experience, he may be willing to assist.

Individuals are purchasing these properties, rehabbing them, and raising rents.

I focus heavily on the sell side and on the buy side only work with high net worth individuals so the newbie wanting a 400k multifamily with an FHA loan probably isn't for me. 

Offering to compensate them for their time can go a long way in maintaining a good working relationship.Let me know how I can assist further—best of luck with your project!

Can anyone verify this is OK or is it state by state-regulated based on their individual jurisdiction?