David - let me help:FHA Loan - is just a product type it is not any different from a 203b conventional loan, other than having a renovation component you can use to find a fixer upper and not have to be exposed to out of pocket construction cost using only 3.5% down, even with PMI for an owner occupant this is a killer product. 

Update #1I was super excited to find a possible 3 flat building, which was newly listed on MLS.But my excitement quickly turned to horror as: Unknown property conditions of 2 occupied unitsOlder, possibly original, electrical wiring that needed updating immediately (vacant unit had 1 electric outlet per room)Seller is deceased, estate now held by sister who lives in New York, who has never visited buildingPossible water/roof damage as warping and thick cracks appeared in stairwells/wallsOlder, leaking windows Questionable plumbingBIGGEST DEAL KILLER: EXPOSED ASBESTOS WRAPPED AROUND ALL PIPES IN BASEMENT!!!!

Since I am in NJ and we have that "lovely" attorney review period - would you suggest I try to get an oil tank inspector to check out the oil tank before we conclude attorney review, and if the tank is a deal killer - I can walk away clean?

That HOA is a killer, so I hope that it include significant amounts and they have good reserves for major capital items.

I'm looking for a killer team! 

Getting a C, working class community for 66k, depending on other factors can be a killer deal with killer cash flow. 

The second 6 family unit investment was killer! 

Things like not liking the color of the tile or paint isn't required repairs.... take those things in stride, listen, but not deal killers.  

I don't know that you will typically be in a cash flow position on renting one unit of a duplex unless you get a killer deal but more units mean more cost and more money down.After your first mortgage expect to put around 20% down for future financing.If you need more than 10 units financed, there are other options such as portfolio loans that may be offered by some credit unions, smaller/local banks, or non-traditional lending services (private/hard money type services.)

The great, 3-5 year tenants are not the majority.If the place gets beaten up by tenants, because of the square footage, it will cost a lot to get market ready if you decide to sell it later.The only two arguments for keeping a property like this is if you have a killer loan that you can no longer get or if you are in a soft market and can't sell for what you need.