Instead using the tax to work in your favor to purchase larger nicer property/properties. 

I do not wholesale the property. 

I used Rent to Retirement to purchase a new short-term rental property out of state, managed by the seller’s agent, Lacey Dickinson.

Finally, I would avoid Property Management Companies. 

We’ve always had the intention of cash out refinancing into another property once the time was right.  

If no one within the group has experience buying real estate, I would suggest you each buy a property on your own and then have a discussion of forming a partnership in 2-3 years.If you already have experience within the group, I would suggest all the friends get together over coffee and brainstorm all your concerns.

My business partner and I went into contract on a 4 family property in Framingham, MA.

I think you have about 90 days to move into the property for an owner-occupied loan but I am not sure if that differs between FHA vs. conventional - @Zack Karp or @Jose Valdovinos could confirm that...Either way, I'd follow the advice of others above...give the seller two or even three separate offers that work for you. 

Hi All,I purchased a property in Mechanisburg, PA (Cumberland County).

If I find a property that I am interested in, contact the broker for more information or additional details...What's next?