The way the guidelines are written is that you have to intend to occupy the property as your primary residence when obtaining the loan, and this is generally demonstrated when you live in the property for at least one year.

Depending on your level or preference of analysis, data and their providers are incredibly important and difficult to obtain when it comes to real estate underwriting.

Yes, it is possible to obtain a second FHA loan, but only under specific circumstances, as FHA loans are designed primarily for owner-occupied properties.

I have just over $200K left of owner-financing, but I'd like to obtain a cash-out mortgage/loan of $500K (ideally) to be able to pay off the previous owner and make some repairs, etc. 

It sounds like you will have an issue obtaining financing.

I would be hiring an attorney to be first in line for any distributions that do come as it's literally first come first serve for people that file suits and obtain judgement first.

The job starts when paperwork begins , ordering materials obtaining permits , lining up subs etc .

@Francisco Ruiz ensure that if you are obtaining financing, you ask/ensure with your lender that they do not have any issues with the fact that the property you are acquiring may appraise as "rural."

if anyone has successfully obtained a second mortgage.

It seems like petty whining from a person who claims to 'help others obtain financial freedom...'