Exemptions to getting a 2nd FHA loan per HUD handbook are:-Job relocation 100 miles away or in another state-Increase in family size-Vacating a jointly owned home (ie - divorce or the like)

We create a new joint LLC for each investment, and each participant gets listed as an owner of the joint LLC. 

This is a good way to see old photos, bedroom accounts, utilities, etc.. they may also be able to help u check if it's in a flood zone.

U need to talk to a local that does septic systems  just like a good well driller they will know the areas generally that are a problem..

 Input needed for least tax methods of unwinding a family partnership in the next 13 years.
  a. General Partner is elderly father
b.  12 Limited partners - all children , spouses not included - cheaper by the do...

Why not joint venture with someone who has money, fix & flip itWhy not rent it out for at least the monthly carrying costs.Why not sell it on a lease option, get 10% cash up front to fund school? 

And I can tell you u there will be some that read 20% and all that does to them is scream risk. 

U want an attorney NOW to explain to you in detail the laws surrounding how the mechanics work.

Overall not terrible on your first BRRR, but the cost of the reno is almost the same there and the same in the Heights, West U, etc., obviously the barrier to entry is different but so is the ARV.

@Nick Rivers I would HIGHLY recommend walking through an underwriting exercise with someone 1:1 that already does the type of U/W on a property type that you're interested in.