I plan on saving my income and applying for a FHA loan next year.

I applied for a loan with my local credit union, but they called me to ask about the purpose of the funds.

It's a wealth development book that isn't directly related to real estate but can easily apply to real estate investing.

The big problem on this type of coverage, for you as the Mortgagee, is that depreciation will be applied to any partial loss.  

If there is a legitimate repair needed on a property that's documented at closing, would the limit not apply then?

The Theory is this:(Quoted from VA.org: Those who apply for a VA mortgage with another veteran (a VA “joint loan”) may be permitted extra units for business purposes, which means your multi-unit property could have more than four units.

It does not apply to any other purchases you intend to make.

FinCEN won't apply if the LLC was not formed.

Another change in the Ordinance applied to properties that have been renting WITHOUT a valid/issued VHR Permit.

Really, I would try to stick with your same strategy and just apply up here.