Find an architect who specializes in this type of work, and who is very familiar  with the building department

We have an investor running a special next month on 10% down second homes where the cost is 3-4 points cheaper than it would be, on a normal Fannie/Freddie loan. 

You could agree with the Seller that you will accept up to $10,000 in the special assessment and the seller covers the remainder.

Check your insurance, I’ve seen a lot of people specialize in renting to group homes or care facilities so there must be a commercial policy for this.

So yes, it's about knowing your business and being very specialized. 

I'd deeply appreciate it.Hi Lau, first step is working with a great investor agent who specializes in working with out of state clients!

There are a few special circumstances where you could have more than one FHA, but not usuallySo you can buy FHA and then later buy a 2nd property Conventional or vice versa - but your 3rd and subsequent properties could not be FHA so long as you're holding a previous one.

There is no way sellers are selling at caps that high unless there is a special circumstance, so buyers just aren't buying. 

Both have crime but if you focus your search around university areas specially you should be ok.

A good attorney specializing in real estate can help draft these.3.