You will need to be very knowledgeable about something (values, rehab costs, ARV, rental market) and you have not done the work yet to be there.If you are a gambling man you might just pick up one of these and try it out.

Whether or not its better to buy a 4 plex depends on your goals concerning this proposed equity.If you want to retain future appreciation from the Irvine market like was mentioned above you may retain this condo unit while cashing out the 75% of 460 (max per guidelines conventional) = $345,000 to  redeploy else where in hopes of achieving your objectives.Keep in mind that $345,000 @4.625% 30 year fixed is approx 1773.78 per month in addition to your current HOA/TAX/HO6 condo policy so you may find yourself in a negative cash flow position depending on how much you plan to take out.

FHA has done their best to keep guidelines logical and fairly relative to one another, only touching on the certain aspects of the criteria that immediately effect the investors risk.

Things are obviously a lot more likely to change after a year than two years and it seems that extra year is what Fannie/Freddie/Ginnie require as a minimum with a likelihood of continuance.Whether or not these guidelines will keep you from qualifying will remain to be answered once the actual application is taken, credit is pulled and income is calculated.

As long as you move to each one then you are within the FHA guidelines.  

Is it worth the gamble?

I just rather not gamble on that.

Most look at 1 year as a safer guideline but nothing is set in stone.

Seems well below what you'd like to see.These rules, as people with far greater experience than I can attest, are merely guidelines.

It seems to be a major guideline used on this site to help people gauge a rental, I know its used as a ''loose guideline'' but maybe it shouldn't be a guideline.