I was going to play it safe and stay local in my Tampa Bay market, which means the cash would be a down payment for a multi family property in my area since everything is so expensive (also rents aren’t amazing, 1% rule doesn’t apply in Tampa’s market).I am now tempted to try an out of state market where I can use that cash to buy a multi-family property outright and then cash out refi to buy another multi-family.

You can't win if you aren't playing your cards.

Is it a family area that tenants would want a family room/play room?

Letting a Government run your business is not my cup of tea....Having said that, if you can tolerate the Govt being involved, you can make a lot of money...just play the game.

Looking for value add opportunities is a good play to build equity into the property so that you can refinance into a conventional loan once you hit the LTV requirements.

Moral of the story:  If you don't mind playing their game and jumping through hoops, you are covered for surprises on your personal home purchase. 

And many times there's a bonus at the end.I've found it's very easy for me to play mind games with myself - as long as they're under 6 years of age games !

I'll have to play with these numbers a bit more before they make sense to me I think.I appreciate your response!

That could play into the analysis of the timing of the if the bankruptcy filer files a string of bankruptcies under different chapters.

Unfortunately,  some lenders don't play nicely.