I'm also new to networking so I got a lot to work on but thankfully, I'm not THAT shy.

You do not need a lot to start.

From HUD themselves... 4155.1 4.B.2.bFHARequirementfor EstablishingOwnerOccupancyAt least one borrower must occupy the property and sign the securityinstrument and the mortgage note in order for the property to be consideredowner-occupied.FHA security instruments require a borrower to establish bona fide occupancyin a home as the borrower’s principal residence within 60 days of signing thesecurity instrument, with continued occupancy for at least one year.The entire text of the HUD requirements can be found here...http://portal.hud.gov/hudportal/documents/huddoc?

Wow...I have a lot to learn.

There is a lot to learn, but this is the best site to do it at, and you can learn it all for free!

New Horizons REG Business PlanMisson Statement: New Horizon Real Estate Group will be established to form a profitable and sustainable business model in Real Estate Investing.

It had nothing to do with FMR (Fair Market Rent) which is used to establish what the "going rate" for an area (an MSA) will be.

Best advertising is word of mouth, but it takes time to get established, which should be one of your goals. :) 

Now you can establish your sweet spot.  

Here are a few things that are important to me (no particular order):The understanding that while you are the property manager you will be managed by meProactive instead of always reactiveTimely financial reporting, timely response to tenant concerns, timely action when tenants break the rules, timely feedback to meBe known and seen by the tenants (do property inspections, find out what is going on before its too late)Be firm but fairHave solid referencesOwn real estate investments (this is very important to me)Expert in fair housing, eviction process, marketing, tenant screening and selection, etc.Have an establish process and vendor pool for a large variety of repairs, be responsive to repair request (doesn't mean all request are granted)Think of it as a partnership (we make money together)Have staff that can step in (can't have a single point of failure)I am sure there are others but this is off the top of my head.