We targeted the largest growth markets within easy driving distance, and then researched and visited each area until we decided on one, and invest there. 

@Ryan Canfield to get another FHA loan for increase in family size, you have to provide evidence of increase of legal dependents, and the LTV on your current primary that you are vacating must be 75% or less.

Cool to hear after visiting my brother last year when it came out & taking Scott & some of the team to lunch!

In addition to that, add a contingency that says that the financials must meet your approval.  

I must have calculated my mortgage wrong, I had it around $300/month.

I am assuming that if we use the money say from Self-directed IRA then the money that is used/made must go back to the self-directed IRA?

I know that when you are investing on a multifamily or apartment building, when you apply for a loan in order for the banks to take the rent money in consideration as income, you must have some management experience.

The IRS doesn't seem to care which method you choose but it must be reasonable and consistent. 

Just wanted to add that it’s quicker and easier to pay a visit to L&I when the time comes.

If you take some one that pays in advance the money must be kept in a trust account and only drawn on by you for monthly rent as it comes due.