But replacing just the bad bits isn't that hard, it can be matched up to the existing and noones's the wiser.

In a couple of years, the only evidence that anything existed here will be that the grass over this spot with dry up faster in the summer during a dry spell.I think you could get any of the three options for under $2,000.

Here is some quick background:4-plex in Philadelphia, PAPurchased with 3.5% down FHA loan in 2016 for $700kHouse hacked for first 2 yearsRenovated each unit as existing leases expiredAll 4 units now vacation rentals (Airbnb/VRBO)Because we originally purchased the property as our primary residence, we got a great rate (3.25%), but are locked into FHAs mortgage insurance. 

FHA loans didn't exist here, so the best I was able to get was 10% down.

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will conclude their single-family rental pilot programs and then terminate their participation in the single-family rental market except through their previously existing investor programs – Fannie Mae’s Multiple Financed Properties and Freddie Mac’s Investment Property Mortgages.Not trying to discredit anything, but this was a 2 year pilot program.... seems like plenty were able to do ok prior to that, wouldn't it be likely they could continue after as well?

The existing half bath was lovingly referred to as the “murder bathroom”, You had to walk down a pitch black hallway, off the mechanical space, and the bathroom was elevated up about 8-10” (giving it maybe 6’-6” headroom) measured maybe 4' x 4' and the walls were made of laminate panels.

So you could refi out of the first FHA to obtain a second, as long as you owner-occupy again for a year.See @Jon B. post titled “Refinance out of an existing FHA loan to get another FHA loan?”

The market where i live is too expensive which is why i've been looking in providence RI. i think its good value for the price, with decent rent (cash flow about 550-600 if i bump rent slightly) and great existing tenants. also next to 2 hospitals, one of which is expanding.

Does it exist?

Typically either the seller or buyer will know how much you will make in many situations with regards to wholesaling the home inside of a pre-existing community.