What made you interested in investing in this type of deal?

In 2017 we started our journey with long-term buy-and-hold investment properties in the Memphis, TN area after selling a property that we were losing money on every month in NOVA that we purchased as a primary residence in Jan 2007 (talk about all-time bad timing) and then had to move with the Navy in 2009 (2nd all-time worst timing).

Must meet self sufficiency test for 3-4 units on FHA though, which alot of properties in higher cost areas do not meet.Conventional allows 5% down on 2-4 units.

They explained that Fannie Mae (according to an exchange with their Servicing Portfolio Manager at Fannie Mae for a similar but not an exact loan) does not allow PMI removal for improvements already included in the original loan’s scope until after a two-year seasoning period

My current home is in a rural area in Indiana, has 4 bedrooms, 2 full baths, and is about 2200 sq ft.

Hey Drew, this home won't rent for $3,165 per month as stated in a previous response. 

He's a really smart guy when it comes to supply, demand, rent control, and overall investing

I have found several homes that I thought were deals in Memphis and after checking them out with local experts have decided not to buy.When in doubt - go to those that specialize.

@Tanarat Bunchom Thanks i think that will be the route I go, A local bank in the area. 

I plan to raze a house I own in SD county and build a quadplex on this one parcel.