There are some other extenuating circumstances that allow one to use more than one FHA loan at a time:- Relocating to an area beyond reasonable commuting distance to your current residence or affordable housing is not available - Leaving a jointly owned property to buy a home, and co-owner (such as divorce) plans to remain in the home.

To clarify, I am looking to be a long distance investor.

To clarify, I am looking to be a long distance investor.

The value for the resident is generally more about location with relation to a commute, comfortable furnishings, an accommodating owner/landlord, a fenced yard if residents have pets and affordability.

If your price points are low 10K may go some distance. 

I think one place to consider is Sherman/Denison area.Lots of growth coming that way.It's about 45 minutes north of the main DFW Metroplex, but plenty of people commute and there are plenty of demand drivers there.

Things to consider are self management, travel distance, property taxes, insurance, resource availability. 

I want my 1st deal to be within a couple of hours driving distance. 

@Theresa HarrisMy long distance girlfriend lives in LA and I plan on marrying that woman.

With the exception of properties that are walking distance to campus or the hospitals, many owners are now STRing in the fall during football season.