I'm new to real estate investing and have been getting e-mails from home investment companies stating the house (for example) ARV $250,000Seller Asking Price $215,000Repairs Needed $0There has to be a catch.

One of the catches is I have to be a primary resident of one of the units for an extended period of time which isn't a problem for house hacking.

I think I'm catching the drift that my energy would be better spent borrowing private money and looking for distressed properties.

You could escape undetected, but if your lender or the FHA catches on, they could call the loan or foreclose on the property.

I know a lady who divorced her husband and she kept getting remarried, but her new husbands would catch some dread disease and die. 

There's a catch though... it would need to go to a place for my mother to live (ideally I'd like to find a place with a guest house that she can live in and then rent the main house).

If you skip this increase then you will be playing catch-up. 

When the VCREI reopens we will catch up!

A HML might catch if the property is in a flood zone or isn't insured properly, has a tenant in it and needs an estoppel certificate, if your renovation is going to cost more or take longer or your ARV is too hopeful, etc.Second - make sure you have sufficient reserves.

Didn't even catch that you are a "local"!