I'm now aware of any "lifetime" limits for FHA loans, but you're required to live in the property for at least 1 year after the loan starts.

SFR with ADU is no problem. but if you're considering adding an ADU to a multifamily property, consider the limitations you're creating on your back-end buyer if you decide to sell, or your own financing if you choose to refi. 

Last month, I pulled the trigger on getting my first real estate property ever and decided to go with a 4 bed, 2 bath new construction to limit all the variables involved since I am still in college.

Reduced loan limits for investors might force many to seek alternative financing.

You would need car and renters insurance with a minimum amount of liability coverage in order to qualify.4.

Most DSCR loans will have very limited seasoning requirements to use the new appraised value to refi.

Just to add to what has been said here - if the seller described this as a triplex on the sale documents, they might have a legal liability.  

This is limiting my options.I have never utilized the multifamily lending products offered by Fannie, Freddie, etc., so I would be interested to a) hear other BP members' lender recommendations for this sized property and also b) other members' experiences working with Fannie, Freddie, etc.  

Credit and background checks, minimum 620 score, income verification, and limit the number of people living in the home.Tenant Own Homes is popular as well, you own the land and collect lot rent!

Working to systemize this business to run efficiently with future limited supervision to then take the cashflow/profits to continue investing in building our long term rental portfolio as well as invest in other business endeavors.