What is one important lesson you learned from the deal that you still apply today?

You will be fixing it up because you like living in a unit that is not broken.If you then SUDDENLY decide to move out AFTER a year into the loan, you can apply for a new FHA-approved Loan for your new primary purchase, once you've converted the original loan into a conventional (investor-friendly) one.

I see you applied a PM expense even though you will be managing it yourself.

@Anton Keith @Kateesha Tearry Everyone's path is going to be a little bit different, but there are some basic foundational principles that apply to everyone. 

I saw this done with a mechanics lien, in CA so I don't know if it applies.

@Karen Margrave The term "licensed" or "unlicensed" can absolutely apply to contractors.

I'm waiting to apply for the state exam and am new to the site.

All the proceeds from the note sale plus the cash down received will be the net proceeds of the sale that are applied to your replacement property acquisition.   

The some concept applies to interest rate although less so.

is it as simple as working into any bank and apply?