@Meera Lakhavani The prices on rehabbed properties in that area are already high enough, so given you have a fully rented building you will be covering the expenses (not sure if you want any roommates).

I plan to live there for at least my first year with a roommate who will pay rent.I know I need to look at the cash reserves for any condo association, what percentage of renters they allow, HOA dues, etc.

Do you have roommates lined up?  

New roommate?

For some reason it reminds me of my roommate in college who would borrow money from me, and then offer to "pay me back" by treating me to an expensive steakhouse dinner, which is something I didn't even want...

HomeReady also allows Boarder Income (roommates) if you need it to qualify.The rates are slightly higher for HomeReady than FHA so it would be best that we run an analysis to see which is the better deal for your future plans with the property.A few other differences: HomeReady has income limits, FHA does not.

When the tenant calls you about repairs, pests, pets, roommates, drama and problems, what will you do?   

They lived with each other before as roommates.  

Now , no one is saying you need to go that far but getting roommates for a house you live in is another way.  

I would target a 2/2 as it opens you up to a larger group of tenants. 2 female roommates won't go into a 2/1 unless it is in DC.