Make sure the future FHA loan you want to originate is on a home you plan to occupy as your primary residence.If you run into any trouble doing this please reach out to me.  

I believe I am not qualify for primary residence because I do not physically live in the states side.

VA loans are intended purchasing a primary residence, you can’t buy a property for the express purpose to be a rental.

Even though I have no experience other than renting out and managing my first primary home, my interest in real estate pushes me to educate myself upon this topic.With a very high barrier to entry where I live in Northern Virginia, especially for first-time investors just starting out with small budgets, that is why I have been focusing on out-of-state investing in real estate and also have been reading a lot about the BRRRR strategy.

Are you looking for financing on a primary home or investment property?

My primary residence that I’m turning into a rental is an old 1930s house (1300 sq ft) with a dormer and an unfinished basement.

From the cities' websites, most cities (Somerville, Medford, Waltham) only allow the primary residence unit to be rented out as STR and South Boston and dorchester allow any units in the multi-family unit that you own can be rented out for STR.

DetailsPurchase price: 1.1MReturn (IRR):11.86% per yearCapitalization Rate:5.45%Total Profit when Sold: $1.16MHolding period: 20 years5% down (so that I can take maximum leverage)mortgage rate: 6.7% 30-year fixedVacancy: 5%Management Fee: 8% --> I used this only for calculation but as I will be staying there, I plan to self-manage it.Cash flow: negative $1500 --> My primary job pays decently and I can manage this and have 12 months of reserves.

Are you looking for financing for a primary home or investment property?

Is it going to be your primary property for a while?