And I look up 3 bed 2 bath houses for rent in that same zipcode to see houses similar to the one I chose to get a gauge for how much I can rent it out for. 

Highly recommend trying to require the agent to provide you all the tenant qualifying info for you to review BEFORE you accept the property with tenants (potentially, nonperforming ones).

You are making one of many mistakes.

So, my question is that because I am not starting a new FHA, and continuing the one started 2 years ago, do I have to now live in it for a year as well?

Do you know what rent should be one a very nice 3/2 side by side 2000ft plus on each side with one car garage and big deck? 

Do I need one?

I've been considering a property near one of my kid's colleges that is  currently a multifamily. 3 units: 2/1, 1/1, 1/1.

I've guided several investors through similar projects, and sometimes sharing stories over a cup of coffeeor virtual  - can spark ideas you hadn't considered.If you're up for it, this could really be one BIG idea that makes everything come true for you.

One limping along one performing OK I guess . 

Ideally, you would want one that would share systems with you (spreadsheets, budget tracking, walkthrough checklists, etc) this would save you a ton in time and duplicated effort.