Thank you so much,Curt Hi Curt, I am very familiar with the Niceville area and have done several builds.

The agent was giving me a tour of the fitness center located at the top of the building.

If you were able to buy 2 duplexes as replacements then you would own MORE property so that any market appreciation is magnified and you might have MORE loan principle to pay down further building wealth that you don't see just by looking at cash-flow. 

Intel is a great example, who is building the largest chip manufacturing plant in the US right here, and it will be a $20 billion dollar investment that brings a few new thousand jobs.https://www.dispatch.com/story/business/2022/01/21/intel-ohio-building-computer-chip-factories-licking-county-jersey-township/9173472002/ Another example of economic growth is the upcoming Ohio State University Wexner Medical Center Inpatient Hospital which is a 1.9million square foot hospital that will bring over 800 new beds and a thousand new jobs. https://abc6onyourside.com/news/local/new-osu-hospital-expected-to-transform-health-careHere are a few more recent investments https://www.10tv.com/article/money/business/hydrogen-power-company-hyperion-bringing-700-jobs-to-columbus/530-25907aab-5517-4661-a9f3-d2ed2d5be6b0 https://news.wosu.org/news/2022-02-08/rumpke-to-build-50-million-recycling-facility-in-columbus Check out The Complete Guide to the Columbus, Ohio Real Estate Market which goes through the Columbus, Ohio market in depth and will give you a better scope of where the highest levels of growth are taking place and where to look to invest.  

I'm working on building a landing page for Mississippi and the city of Jackson.

I have had some verbal conversations with the tenant regarding the move out process, but nothing documented outside of the lease.  

And I suspect there will be a ton of bidders when it starts that low.. wild to build a house like that with no garage. 

Does anyone have experience using an FHA loan to purchase land and then build a multifamily on the lot?

From your post you are seeking to essentially knock down the house and build brand new.

Here are my options as I see them.1) Build up a separate capex reserve fundI have about 13k in savings and 25k in Roth IRA funds which I can withdraw tax free as a backup, but maybe I should build up a separate capex account since I don't have a designated one.2) Purchase another 2-4 familyI could use my 25k Roth funds as down payment on a 5th property that cash flows around $500/month and look to do a BRRRR.