Good evening,I'm a landlord and have a tenant on the 2nd floor who has children.

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However, I'd convert the 2 lower units to a 3/2 for myself and my children to live in.Would the fha approval go off of what the county states, as the property only having 4 units?

I'll also hang up some new children's clothes if I have a nursery. 

As my children age I expect to put them to work in the family RAe business.

Not sure what kind of investment properties you are looking for but Nationwide Children's Hospital is doing some amazing work in 3 zip codes surrounding them.

Are you concerned he will spend the money on new hairdos for his wife and new bicycles for his children versus putting it into a fiduciary account and applying it to the rental as it comes due ? 

Ah well, a lesson to pass down to my children, I suppose.Selling this property as it is transitioning out of being an owner occ makes sense though. 

Not subletting it out or their children aren’t staying there instead.

However, the management of tenants are more and possibility of conflicts could be higher.As for renting the whole house, rents would definitely be lower, since not many household or single individuals can afford paying for the whole house, so most likely you will be attracting a family with children.