We have been told that fha will not cover this since there’s are two residences on the property.

I ended up getting a 401k loan to cover the purchase of a lot.  

We cover a large geographical area (nearly 400 miles) because there are usually only a few STR eligible properties for sale in any given city.  

They cover the entire renovation expense.  

(I am starting investor, please understand)So many guys are buying in second-hand market, when original can not cover their mortgage payment because of the depreciating rent, and let go of their property at great value.

I would maybe add that, with your portfolio spanning several states, you may want to research/interview a national PM that could cover all your properties with one contract.

As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

You may find this a viable option with rates where they are, especially if your rental income continues to cover the mortgage.Home Equity Line of Credit (HELOC): If your property qualifies, you could use a HELOC to access the equity without disturbing the current mortgage.

The biggest thing with this is if something major happens are you legally covered if the unit is illegally rented. 

Now let's say I find a triplex that covers the 1% rule but combined cash flow from all 3 doors is roughly $150-$200 or would you want to keep it at $150-$200 cash flow per door with the 1% rule applying?