My girlfriend and I occupy one of the bedrooms in the home. 

Shoot me a DM and I'm happy to chat.Chris Also, Portland (in the city) has restricted STR licenses to owner-occupied properties, so that won't work if you're living in Salem.Wow good to know, thanks Chris! 

FHA loans include oneproperty per FHA loan, owner occupied for at least 1 year, and can apply for new FHA loan in 2years.

You'll see a lengthy September 2017 ordinance about rent control, and then a March 2018 ammendment to this ordinance, bumping it from 4+ to 3+ if not owner occupied.

Is it already fully occupied? 

You’re going to get a lower selling price for occupied properties just as you will get an even lower price for selling a portfolio of homes.

If they are on different tax parcels, I will use DSCR for the non-primary deals and then FHA or UDSA (assuming it is rural) for the owner-occupied one. 

It doesn’t have to be occupied by tenants, just a signed lease + deposit.

A 1031 exchange is NOT available for owner occupied property so that’s the bad news.The good news is for owner occupied primary residences, for married couples, the first $500,000 of pain is tax free.No need to worry about a 1031, live in the house, sell it, use the $500,000 exclusion and you pay KP tax on whatever profit may exist,2.

Dealing with floods, evictions, and management issues all at once is no small feat, but it’s great to hear you’ve finally got it fully occupied.