Availability of inventory and pool of buyers will tend to dictate demand. 

At some point a surge of vacancy seems logical as more of the displaced homeowners resettle into their homes and the new inventory keeps getting added.The wildcard of it all is, how much new demand that will fill the vacancies at rates based on projected population growth. 

Are you planning on using conventional financing for the acquisition? 

We were brainstorming some strategies to purchase our first property, we have an idea to purchase one home with conventional lending and the mortgage in my name (I have an FHA loan for my primary residence), and purchasing another MFH with an FHA loan in only my partner's name.

They come speak to we agents at conventions and claim they aren't trying to cut us out, because the way it works is the seller (who can sell without showings, staging, etc.) is given an "instant offer" by them, but also a professional valuation from an agent, so in their mind, they are including us.The offers are very low, from what I've heard, and the fees equal, or in some cases, more.

my question is do FHA appraisals more conservative than conventional mortgages?

Also, the equipment that comes with the sale, list the inventory as well in the contract. 

Here are the numbers,Purchase Price: $165,000 as-isFinanced: $123,750 (25% down, couldn't put any less down with a conventional lender)Mortgage Rate: 5.25% (no points); 5.35% APR -rates are on the rise it seems.Estimated closing costs: $4,500Initial cash invested: $46,310Gross Rent: $1,725 ($875/$850)Operating Expenses: $815 (includes mgmt fees @ 10% & capex of $275/mo)Cash flow: $140.77Principal reduction: $142Cash-on-cash: 3.65%Total ROI: 7.4%Possible near future repairs: Roof (Estimated at $4,000); windows (Estimated at $5,000). 

I am no lending expert nor do I pretend to be one, with that said, typically conventional loans are used to fund investment properties.  

[@Tim Morales, what's preventing you going straight to conventional Refi?]