Once you feel you know what they might want, you can always quickly swing by these properties to check them out, thus eliminating the nuisance of coordinating, trekking around, etc. 

@Brandon SiewertListing the property on the market just eliminated you from cashing out for 6 months from the date it was removed from the market.

I could put 20% down but will leave little to no room for improvements/work that needs to be done.My questions is, can I put 5% down  on a fannie loan, use my remaining cash to upgrade/rehab the property and refinance in 1-2 years for an increased value, ideally 20% higher and then eliminate PMI based on the new higher assessed value?

As well as eliminating the redundant door (literally three feet from the rear slider) by concrete blocking the hole closed.But in the short term I have a contractor rehabbing/replacing the damaged door - at his discretion of the best / fastest course of action.  

Next you will want to dry out the area with a dehumidier and negative pressure air scrubber to eliminate any mold spores in the air.  

I believe you need 20% equity in the property in order to avoid paying PMI, but it looks like if you hit your estimated ARV, you should be able to get the property reappraised and eliminate the PMI assuming you have 20% equity! 

Hey @Jeff AmoreThe information you provided, in and of itself, definitely isn't enough to eliminate the possibility; but I'd need info on a couple other critical factors before I could really say one way or the other.A few of the questions I'd personally want answered are:For one, how much cash do you need to bring to the table and how much debt are you taking on?

Younger working people are just not going to have that great of a credit score, so why eliminate them from the applicant pool?  

After the first year you can get a new appraisal and pull out 80% as non owner occupied and eliminate the PMI.

There are other FHA requirements concerning which you should contact your local lender, but determining whether or not a triplex or fourplex meets the self-sufficiency rule is a good place to start as this rule will immediately eliminate many properties from your search, especially in expensive markets.Good luck!