If the total renovation budget ends up bumping the deal outside of FHA loan limits, I'm considering re-examining this project from a development standpoint, which would obviously require the same group of people (with some private equity and without the 203(k) consultant).

I would recommend consulting your tax advisor who can examine your complete picture and give you the information you need to make an informed decision.Ed

If you have a business or multiple businesses like I do, FHA will examine the average income/losses over the past two years.

I am considering purchasing a 4-family property, living in a unit and refinance to remove PMI after a year or two. After the following expenses, 1) Property Tax 2) PMI 3) Hazard Insurance, it would cashflow at about $...

The same things are generally available within a given time span.If you're not confident that the type of properties you are looking for are readily available then you need to first re-examine your parameters and see if their realistic. 

Buy the policy for them as a way to say thanks.Just saw your question in there, Mindy.You can get title insurance later... but it requires another title search and examination to take place.

Also, I found it uncommon for IRR to be applied to properties with fewer than 4 units ,which is the size I am examining. 

@Francisco Cantor1- If it's the window's themselves, then get the manufacturer to examine and let you know what type were installed and provide documents on them meeting code. 2- If it's the installation of the windows, then you may have a bigger issue.

Here's the scenario:I'm taking the real estate exam in April and need your advice.  

Metro Office Building at 800 Second Avenue South, speak to a zoning examiner for all questions.