This is not a hobby it is a business governed by state law and legal contracts.

Meaning you can maximize your one time chance of buying a property with 96.5% leverage via a government subsidized loan - Considering the two above over the long term if you buy a multifamily you will have: 1) Created more equity via loan paydown and appreciation2) More cash flow and stabilityIn my opinion you want to go as big as possible when doing FHA.

There is an interesting discussion on "Deposit to Hold in Massachusetts" on the MA Law Forum:https://www.malawforum.com/content/can-i-recover-d...In a nutshell, there does not seem to be a specific MA law governing "Deposits to Hold."

While it may be legal under state law, it is not under federal law, and the federal government can seize your property under civil forfeiture laws.  

Mortgage guidelines like seasoning periods and how much cash you can take out are not typically governed by state laws, although Texas has some rules on cash out refinances. 

You are responsible for knowing and understanding the regulations that govern your business.

Right across the street from this property is a newly renovated apartment building http://www.arlingtongroveapts.com/index.aspx  Researching the area:https://www.stlouis-mo.gov/government/departments/...https://www.niche.com/places-to-live/n/wells-goodf...http://www.stltoday.com/search/?

Taxes, IRS, other factors may still hold, and truth is, I don't trust the government office to provide full color on title.  

It's been awhile since I signed up with AirBNB, but I believe they make you submit government ID and a selfie (that you take that moment) so they can match it up.  

I've got the PM in place when I go to buy whatever is next.I'm glad the results of your contact with your local government was positive.