But either way, it is a fairly substantial number of States and many of which have large population centers.

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

Limiting leverage, for any loan ever = reducing lender exposure/risk.

I have been in Cleveland but not my favorite city in Ohio.  

My initial thought is that the developers may have gotten a much better deal than they would have otherwise given the clear limitations on the land's use.

Can be done 100% remote, nationwide, all but 0 risk. 

So, that makes a BIG difference in How you scale and what your personal “upper limits” are.  

HUD 4000.1 (I believe) is the latest HUD handbook and it goes over all requirements for originating the loan, including but not limited to occupancy requirements and exemptions.FHA occupancy : "At least one Borrower must occupy the Property within 60 Days of signing the security instrument and intend to continue occupancy for at least one year."

Most of the advice you get on BP is limited to the real estate sand box (duh.) - in 2025 your energy is better spent on a business than a duplex that cashflows $200 or less.

Staying in one market can limit long-term growth.For example, in my case, while we currently manage investments in Europe, I am evaluating the possibility of investing in the U.S. soon.