I work with out-of-state investors and would be happy to share my experience and how I can help you in your next investment purchase.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

I live in San Diego, CA and purchased 3 single family homes over the last year, 1 in TX and 2 in OH.

You're 17 and have no legal right to enter into a purchase contract.

You can open a credit line there and get an additional 5% off of your purchase.

Had a listing go under because the seller had signed an offer to purchase and just walked away from closing without signing. 

Often, it will also need work.So, that is causing investors to lower their standards and buy Class C & D rentals.Problem is, most investors apply Class A assumptions to these Class C/D properties - and then blame everyone else when they don't get their "expected" results.Check out copy & paste info below for more dtails:------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

In 2009 I determined the best ROI I could obtain with the least time spent and lowest risk wasn’t direct investing; I merely purchased REIT mutual funds, and tripled my money over the next 5 years. 5.

Congrats on purchasing the investment property!

Most get cornered into purchasing specific property types because its what their resources allow.