We bought it for 235k, the principal is 218k. 

If you relocate and now reside in a new area that is outside of a reasonable commuting distance from the current home.Additionally if you plan on getting a second FHA loan, the lender must evaluate your circumstances to determine the circumstances behind the need for a second FHA loan to determine if it is legitimate or not, items include... length of time the previous property was owned by the borrower, and  circumstances that compel the borrower to purchase another residence with an FHA-insured mortgageThen there is also a big disclaimer at the bottom which reads:Important: Under no circumstances may investors use the exceptions described in the table above to circumvent FHA’s ban on loans to private investors and acquire rental properties through purportedly purchasing “principal residences.”

We have acquired alot in the last 3 years so have been passing over some deals we would have normally taken for a commission or wholesale fee to strengthen our position but not focused on principal paydown as much as just being more selective on properties that really grow our money or find solid return with capital preservation.

Section D1-4.1, Information Relating to Transfers of Ownership Applicable to All Mortgage LoansD1-4.1-01, Determining Whether a Transfer of Ownership Is Permitted (11/12/2014)[...]D1-4.1-02, Allowable Exemptions Due to the Type of TransferA transfer of the property [...] to [...] a limited liability company (LLC), provided that: the mortgage loan was purchased or scuritized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).Note: The servicer must notify the borrower that a property transferred to an LLC must be transferred back to a natural person prior to any subsequent refinance application in order to meet Fannie Mae’s Selling Guide underwriting requirements.

I am an investor myself, syndicator, and a principal commercial retail broker.Are you paying all cash for it?

Also throw in, e&o insurance does not cover you when you are a principal to the transaction.

2) Will the principal be high enough for a bank to issue a mortgage at three years, or after?

I'd also charge them a principal payment + interest to cover my expenses + whatever my desired profit is. 

Of course you're not going to get a 30-year fixed with a commercial loan.If you do a loan from your investors, are you returning principal with each payment?

@Joe Walton If the lender will lend you $100k that will be your principal loan amount.