So right now we collect monthly rent of $2800 and have a payment of $1235.00, which gives me a buffer for the unexpected.Part of the summer rent increase from the prior owner was splitting the utilities among the tenants and there are rent increases built into the new lease for the next two years.  

If you convert your home prior and decide to rent or live else where in the interim, then decide to use FHA to qualify for a new primary you can use the rental income with out restrictions of the 100 mile rule and still qualify for FHA.Their (FHA) guidelines are rigid, but with proper planning you can adhere to the guidelines and accomplish your objectives while avoiding the unintended consequences of the rules.Best practice would probably be to wait a few months after moving till utilizing your FHA loan to obtain another property.FHA does have a max of 7 financed properties including the FHA insured property (6 rentals + 1 FHA primary) so it looks like you're riding up to your max with the current of 6 financed properties.

Check, we got that.Just prior to that statement, the Bible says, “Six days you labor, and shall do all your work”Point two: have you ever considered we’re commanded to work six days?

"We had no intention prior to the receipt of the most recent sanctions of closing down despite the challenging regulatory environment that now threatens all proprietary higher education."

That is an idea we have been thinking about - prior board had some initial conversations with the fee holder but it stopped there for the time being.  

Prior to implementing that I would start to look for how are you going to fund deals and then start to look for investors.

I almost at a point where I don't even bother with home inspectors.Some other common issues with older houses, particularly if you will be renting:  lead paint, asbestos, mold (although I find older houses are leaky enough that, as long as the roof drains well, air movement through the building is good and prevents moisture buildup), steep staircases, narrow hallways.But you MUST MUST MUST do a walk-through with an experienced contractor (one who specifically has experience renovating older houses/buildings) prior to placing an offer.  

Have your electrician set this up prior to the 1st day of demo.  

I'm in a fairly competitive market, so I usually call up the listing agent or seller 24-48 hours prior and let them know that my client will be submitting an offer. 

In a perfect world, all lease option buyers buy, and they all pay rent in the meantime prior to exercising.