FHA 203(k) Loan BasicsThe FHA 203(k) loan is an excellent option for financing a multifamily property (up to 4 units) with only 3.5% down.

Most hit all the bullet points excepting:Spending $175 on renovation and adding square footage or unit count does NOT miraculously convert to valuation.

Thanks.If I'm you, the last thing I'd want is the seller installing an AC unit, water heater, and a furnace right before closing.There's ZERO incentive for them to do the work with the same "love" that you would. 

You have the flexibility to show your own units and manage turnovers, etc.I see a couple of nice multi-family properties in your area for sale.

If the numbers make more sense on the 6 unit, then maybe look into selling your duplex and doing a 1031. 

Yes i am living in one unit

I own a unique mobile home park in South Carolina that's relatively small (5 acres) comprised of 12 lots (I own 8 of the homes while the other 4 are owner-occupied and charged lot rent) along with a house (3 units). 

Might be tough with one unit. 

We have had hosts on the platform since then that are continuing to do well and add units.

But if you are doing AirBNB just make sure its in a seasoned market that wont have some random policy change that makes it to where you can not use the unit as a short term rental anymore.