This is NJ law so applies statewide.

However, it definitely taught me a lot about the guts of a company and those principles that can be applied to every company out there. 

and you can apply that knowledge to the next one. 

As well as applying these concepts and understanding them fully.Many have been very successful without it but I say its the best foundation to real estate you can get.

If I lease my house for one year tomorrow can I then go in and apply for the FHA loan or do I need to wait until it has been rented for one year.

Did you apply closed/open cell spray foam - or strap and use packed cellulose/hemp/fibre - the outer walls and underside of the roof deck (requiring an over roof) or did you maintain ventilation under the roof-deck and insulate over your ceiling?

You may start out managing but if you don't continue then you will not have budgeted for future PM.First you said, "15% Repair & Cap EX COMBINED" then you said "Repairs are being budgeted at $150 a month" so I was unsure of what percentage you ended up doing.I did 10% vacancy, 5% cap ex (which is low), 18% R&M because your last statement was budgeting $150 per month.Our calculations may differ as I take the vacancy from the Gross Rent to achieve my effective potential (some may call it something else) and then begin deducting things like Taxes, Ins, PM fees, utilities (IF they apply).Since you didn't put taxes nor insurance I put $1000 for each.

The "practicing as an attorney" I believe only applies when you are drafting/modifying a contract "for another".  

I live in Oklahoma and not sure what steps need to be taken.Learn the landlord-tenant laws for the jurisdiction where the rental is located and apply them to your business.

If I purchased a 3 flat and I'm living in one of the units of a 3 flat, what's stopping me from moving out in 6 months, renting that unit, and then applying for a mortgage with another lender?