Hi Spenser, If your goals are long term I would recommend buying a property that will ultimately cash flow, it might not cash flow immediately due to low rents (common in Worcester market) or circumstances that are temporary and fixable, but ultimately there is cash flow.

If the demand is the same, it would make sense to me to wait for any unforeseen circumstances that may pop up between now and then.

Lots of the folks on the podcast purchase the home using FHA then BRRRR to refinance to a conventional loan and repurchase another residence using FHA.Certain cases where you can have more than one FHA would possibly be if there is a separation (divorce) with the FHA co-owner, relocation, etc. but the bank should know more based on your circumstance.

@Kimberly KimA couple things - While you did not live in the property for 2 years, you may still be eligible to get a benefit from a partial section 121 exclusion.There is a partial section 121 exclusion available for property owners who sell because of health, employment or unforeseen circumstances.We would have to determine if you would fall under the unforeseen circumstance situation.Some items that qualify for unforeseen circumstance would be giving birth to children(and moving to a bigger house) or getting divorced.

I'm open to MFH but only under the right circumstances.

More likely is you have unforeseen expenses, evictions, major issues, that come up.  

This is likely the case with many markets right now, given the strange economic circumstances we all find ourselves in, but I find this detail is worth mentioning because when you’re running your numbers I would be sure to start at or above list price.

Under the current circumstances, the de facto law of the land is tenants cannot be evicted due to non payment of rent anyways. 

What I would suggest is that you refer to the following document as it was recently issued just this year and can be very helpful guidance in circumstances where you have a question about how to respond to tenant requests for service animals and/or emotional support animals:Updated HUD Guidance: Assessing a Person’s Request to Have an Animal as a Reasonable Accommodation Under the Fair Housing Act

Meaning, double check your numbers on the anticipated rents you plan to charge, with multiple sources, and try to anticipate any costly, unforeseen problems during the renovation.I’m currently renovating a 4br 2bth into a 4br 2.5 bth, adding a master suite and opening the kitchen to the dining room and living area.