That said - I think a simple muitual fund would give me better returns on the same money ($900k) at 8-12% (i.e., $72k - $108k). 

In this case, you can use Rental Income from the units that you will not be living in and that income can count to help you qualify.FHA rates are going to be lower than conventional for you almost always, but FHA does have a 1.75% funding fee. 

This is a good opportunity in a strong market, and with your excellent credit and HELOC funds, you’re in a great position to make this project happen.

Keep in mind that inexpensive properties are inexpensive because they are less desirable properties in less desirable areas and attract less desirable tenants.

Hi everyone - So with the declaration here by the administration regarding Federal funding how does this impact section 8 landlords.

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

I also never had to worry about vacancies: if you own a desirable property, you will always have people lined up to rent from you.

Don't use your emergency fund. 

This is day to day spending, rent collection, tax/utility payments etc. (1) account for all security deposits, (1) account for parachute fund, capex items etc.

If your business is worth significantly more than what you owe on it, you may be able to borrow against that equity to fund your first deal—rather than walking away from a potentially appreciating asset.Some investors take this route, keeping ownership of their business while using its value to qualify for financing or attract a capital partner.