Self Sufficiency test is the important item for 3-4 unit FHA homes. 

My extensive real estate experience consists of 1 flip.I have an idea and I'd like to test the waters here in the forums.

Have more reserves that you think you need and also be prepared to hold a property for longer than you may think as well.

Two year preparation with a combination of networking and market research.

They also don't know what happens after inspection, well and septic test etc and are often extremely difficult to deal with.

There's a 50% chance your relationship won't last, so be prepared in case that happens.If you can both work remotely, I recommend moving to a more affordable market.

Just a FYI be prepared for it to sell at a discount,Jay- I have seen people buying land notes for 12%-15% yield which is CRAZY and they are going to eventually lose their shirt once they go into default and the land value is repriced.Thank you for the info.

If you're near a medical and/or law school, monthly rentals are preferred by those who are preparing for board exams over vacation rentals as well as by visiting professors. 

If they pass the personal smell test, I go to step 2.2.

Then test the market and try to elicit tenant interest.