If I understood FHA correctly I can't buy another Property if I own one.

The whole story ended with me and my mom on a place flying out of Greece to the USA and me ending the relationship with the girlfriend with a text message and a letter she found when she came back from the vacation she took alone, paid for by the profits of the first renovation.I'm sure she found a slightly more gullible fool to be with quickly enough.With those two renovations under my belt, however, I understood that there was money to be made in flipping.

I may not have fully understood the exact terms of the conditions mentioned above.

You don't need to go 80 mph, as 60 mph is good enough, and you're happy with that.If you understood the above example, then you now conceptually understand why certain concepts (e.g, duration and convexity) will impact your investment. 

@Brian Burke Understood.

@James De Stefano Understood, thanks for the insight James- Really appreciate the post!

Understood.

It's understood that if they break it, they buy it.

Waaaay back in the day before we understood real estate, we bought at the top & lost at the bottom.

@Adrian Langdon Maybe I don’t fully grasp the concept, but I’ve never understood how rental arbitrage works given that any landlord with half a brain would put a clause in preventing a sublease without consent.