Hopefully I explained things properly and you take the situation as a whole into  consideration when answering.

I keep getting told that costs too much, but I would affirm, if the loss of cash flow to properly finance the risk of your endeavors is too high, then it’s probably not a good deal, and look for a better deal.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

Although BR proper, is not growing nearly as fast as the surrounding suburbs, it's still growing.

I would also give people the advice that they should act like the company that they want to become, and this includes a proper (at the time) PMS.  

HelloThis may seem to be an insecure question but I must ask: How do I properly structure a transactional funded deal?

Ensure you are working with a lender that will present various options suitable to your needs and situation, not just the one you specifically inquire about.But, to answer your question directly, FHA loans do not have a first time homebuyer status requirement.

Ensuring we have enough cash flow to pay for everything prior to the next loan.

You could invest in mortgage notes taking a first position but I think you need to become a hard money lender with proper licenses. 

How can someone like me take the proper steps in regard to inquiry and action?