After you qualify for REPS, old losses remain locked.

The fha 100 mile rule will be triggered whenever you try to vacate your current primary and also trying to use the rental income to qualify.However, this 100 mile rule can be exempted for the following rulesRelocationIncrease in family sizeVacating a joint owned propertyNon-occupying co-borrowerIf you are not trying to use FHA on your 2nd house hack, you can use conventional and the rules that I mentioned above will not be a concern.

My wife and I came very close to pulling the trigger out of state. 

But it has to be locked up for 3 years to get 100% returns.

Ex. you normally do STRs and you are looking to finance a mixed-use multifamily deal, and you don't mind paying the 2% in broker fees to lock down financing.

Indeed it will be bad news for the consumer as a lot will get locked in with inexperienced / part time agents who never make the cut.  

Determine how comfortable you are with potentially locking up assets for a long time and how much risk you can tolerate.Market Conditions: The situation of the real estate market might change, and this could have an impact on your choice.

They can't pay the rent, but they're still locked into a long term lease.

It is quite a bit down that and may lock you up a bit in the short term.

Don't do 'self-help' eviction--recently an owner was arrested for changing the locks on their property that was illegally occupied by a squatter!