I own my current primary residence & have about 140K in equity.

You are free to build whatever you want, sell the house once is finished, and the lien-holder (original seller) is paid off through title when the new house sel The seller is wanting us to build him a new primary residence.

Investment Info:Single-family residence buy & hold investment.

Congrats on your pre-approval and your plan to make Florida your primary residence while leveraging house hacking or short-term rentals (STRs).

If we meet a resident through an OTA, we enjoy certain protections with that platform, but if, at any time, the resident wishes to extend, but not through the platform, we require the same background check, credit check, and eviction check as for anyone else not booking through an OTA. 

I'm sure there are more FHA loan experts on the forum, but in general a borrower can only originate 1 FHA loan at a time since they are required to list the property as their primary residence and live in it for at least 1 year.

They instead use conventional conforming loans with low down payments meant for primary residences to purchase properties ready to live in!

I’m reminded of a buddy of mine who moved from Brooklyn to Scottsdale.. he initially thought the desert was just cacti and scorching heat, but soon realized there’s a thriving market here with pockets of real oportuntiy.Working with an investor who’s ready to spec build is a fantastic way to dive in.

Investment Info:Single-family residence fix & flip investment.

Quote from @Alan Asriants: Here is a note I found from Fannie mae: ADUs are not eligible with a 2-4 unit dwelling, or when a manufactured home is the primary residence.