Thanks for any help’ Yes we're licensed there and FHA guides in one state apply to all states unless a state has a specific law that supercedes the FHA lending guideline.FHA is always 3.5% down minimum (in some cases less because you're using a DPA or down payment assistance program or 2nd lender to put down over all a lower down payment than 3.5%, Aka for instance 3.5% DPA + 96.5% FHA = 100% financing but just dont kid yourself this is fully 100% leverage and to be used with caution and carefully).In the case of 2-4 unit FHA is still 3.5% down payment @Matthew Kwan @Carlos ValenciaThere are rules regarding FHA such as:- primary residence - you must occupy one of the 2-4 unit property as your primary over 50% of the year and the underwriter needs to believe you will remain and have the ability to live in there, any deviation from this and you'll get a whole laundry list of conditions asking you to prove why you should be believed to be living or will live there (if this arises dont be surprised, it just means the UW doesnt believe you).- SS rule - self sufficiency rule - gross rents of all potential units 2-4  X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.

JamesYou do not state if this is for a rental or owner occupied.    

Even when wholesalers “kinda’ admit to the seller that they are going to “wholesale” the property, they still tend to mislead the seller by talking about “financing partners”, “equity positions”, “mentors” “membership” etc.So, various states have, under the banner of consumer protection, enacted legislation to restrict the use of the “wholesale” transaction in RESIDENTIAL OWNER OCCUPIED real estate - note, not commercial property and not residential when the transaction is between 2 investors. 

Of course, it would need to be non-owner occupied (investment property).   

I'm looking to refinance right now with a IRRRL so that I have the option to not owner occupy in the future. 

I think there are bridge loans available for owner-occupied deals.

However, it was challenging to get it fully occupied due to families etc that were looking for larger units.

Dewald: Some other good zips are 63074, 63042, 63044 - great for long term rentals.There are good areas in south city left as well :-)I see more and more issues with municipalities like Berkeley, Pagedale where they want to narrow down the amount of rentals within a neighborhood and require homeowners to occupy and won't give out occupancy for rentals.Let me know if you've got any questions. 

So we only do it for vacant properties and for tenant-occupied properties, an agent always accompanies the prospectives through the home.

how many units are occupied and how many are vacant?