I can't find a maximum amount. https://www.hud.gov/program_offices/housing/sfh/203k/203k--dfFor limited 203k loans, there is a maximum of $35,000 in repairs, there is no minimum.

I am a young guy with zero experience in real estate and a VERY limited amount of experience in stock trading.

The good thing about the fees is that they cover some of the expenses lawn and plowing, much of the insurance, trash, sometimes water/sewer.The big thing is to read the association bylaws concerning rentals, often they require owner occupancy for one year, or they a have limited number of rental units.

TSP loan gets tricky, if I remember right you have time limits and I think it's 50k max (again there's time limit to when that number resets).In all honesty your best bet is likely finding a below market place to rent, find something with a landlord who's a person vs a company.

@Jonathan Pflueger from the feedback so far I felt what I have in mind might be more on the lifestyle purchase side rather than investment returns.

You just can't take title until after your sale.Regarding the number of replacements there is no limit on how many you purchase. 

Which in Vegas with 12 homes is usually limited to 1-2 water heaters.

We may need to get creative.We’re going to need a good realtor :)Anyway, we have so many questions, too many for one post, so I’ll limit myself to two.

So in essence for the price range of the homes I have been looking at i am not able to purchase 415k worth of homes while being limited to mortgaging only 4 homes which has left me with the following scenarios:1) I use all profit and mortgage some properties for a total of about 350k worth of properties.

Typically the less cash you have in the deal the higher IRR but that also is not always the smartest business model as if you over leverage and their is a market correction or if your cash flow is reduced you are very limited with your options