They claim that the replacement cost has gone up 400k since the policy was written, and that they had just raised rates this past January.  

The rent would be $550 per bedroom and the utilities would be split in 4 (all the tenants plus me).That was just a surface level analysis for that property and I was wondering If a FHA 203(k) loan would be ideal to cover for the remodeling while keeping in mind the HVAC would need replacement sooner than later.

I don't use hospitable or any other combined booking engine other than VRBO and Airbnb.  

As for Market knowledge where would you recommend using as a search engine?

My borrower also had to document that he has no knowledge of farming and no intention of farming and that was easy because he was engineer with a good paying job. 

However, the law requires me to find a replacement renter was quickly as possible and minimize the financial impact to the tenant.

Buy something where the rent coming into you is more than the cost of owning it, which will include taxes and insurance, and downtime between renters while the unit is turned, and sometimes roof replacement, etc...

@Dave Foster can tell you for sure but I believe you’d be okay on any “gain” realized from the sale of the replacement property but you would still of course owe taxes on the gain from the sale of the first property, that were deferred.

Foundation/structural engineer determined a water downspout on one side of the house caused the soil erosion. 

Hi Michael,I like your thoughts of building a large portfolio because it's very important in sub $100,000 markets like Ohio.A large portfolio = A safe portfolio.Personally, I've always been a big believer in buying with cash.Less is more.Once you gain experience and understanding the true income vs expenses of your portfolio.Then look at using leverage for faster growth.It takes many years to learn a market along with establishing a solid understanding of it's "in's and out's" from a people/team perspective.As investors we should always reverse engineer and protect the bottom line first and foremost before looking toward expansion and growth.My "cash only" mentality has served me well over the years in my businesses and real estate endeavors.Especially when things turned South and they always eventually do.Start slow, start small, buy with cash and build from there.Just my opinion and wishing you much successps.