Another point you need to be aware of is the FHA self sufficiency rule that applies to any 3-4 unit building (but not to duplexes).

If it’s a part of the main structure and conforms with the rest of the home in terms of building components, heated and cooled sufficiently, etc. it should be included in the GLA of the main structure and should not be valued any differently.

As mentioned above, your job is to be in a position to be a known quantity when those clocks start expiring.    

I am only asking bc my w2 income is not sufficient enough to get a loan on the type of property we want.

Short version: IF numbers are still strong when accounting for required flood insurance (and potential basement floods are a known-quantity for myself and potential tenants) should the flood plain be a deal-breaker?

It's considered a real estate activity and your sales license is sufficient.

However, the home has been fully rented for the past 12 years and generates sufficient cash to cover PITI +  maintenance and even throws off a decent amount of cash every month. 

They will also deliver any quantity of items right to your job site for $20, doesn't matter if it is three tons of lumber or a single bathroom vanity.

I am all for self sufficiency , but IMO many low wage folks were screwed during the pandemic ... 

Some people have a hard time managing their money, and a large lump sum will burn a hole in their pocket quickly.I have had tenants that were not meeting the W2 income requirement, but had large savings and/or brokerage accounts that were quite sufficient to cover the rent, and it was also showing good money management skills.