FHA is a loan product only available to owner occupants.

:-)My very first response to that would be to buy Rich Dad's Cashflow Board game. https://www.richdad.com/products/cashflow-the-board-gamePlay it with friends until you figure out the best way to get into investment and out of the rat race.

Thanks guys did look up a couple of regional banks a couple have products that do these types of loans. 

@Derrick DillFurther to this point, there are also loan products for medical professionals that are 0% DP, no PMI up to $1.5M.

Also note, there are other acquisition + rehab products out there, some conventional.

The stuff sitting on the market is often nice but overpriced, or junk tenants, mediocre location, etc.An owner with a nice product that generates multiple offers in the first week isn't going to typically go to contract with you when the property is not even listed for sale yet or is listed but not under contract.

"Newport" is the product of theirs I used.

May not work for an FHA but you could look into buying a multifamily as part of a joint venture with a financial partner using a different loan product.

Some of the differences with SFR that make them less valuable than otherwise similar comps are location on a busy street, smaller lot, bad condition, structural defects, higher tax area, different school zones, different deed restrictions, access to main roads, rush hour traffic, obsolete or unpopular architectural style, inferior finishes, time since remodeling, age of roof, flooring, and others too numerous to mention.To get the discount to fit your formula, you’d probably need to find a house needing significantly more than $15k of work.

Giving the numbers on your deal would probably get you a bit more traction, but there are a ton of products out there available