We own a home that we purchased 3 years ago as our primary residence.

Prices in my current area of residence aren't doing it for me and I decided to take a look at another area I know.

I have fully paid off my primary residence and have secured a HELOC of $435K against it from US Bank, secured a month ago.

An elderly resident managed to set two fires within the course of a weekend. 

@Jordan Bochner The short answer is, Yes you can own a rental property and use FHA to buy a primary residence.

My plan to getting started is to buying a single family house 4-6 bedrooms for around 200-300k  and renting out each bedroom for around 600 a month the area I'm looking to invest in has 2 major university's and 1 major collage so id be looking to rent to students , I do not have enough money to put down a conventional 20% down payment for an investment property so id have to put down 5-10 percent down with Mortgage insurance and put it as my primary residence but realistically I wouldn't be living there. 

No deals, no extra payments (because you haven't used the line).You only want to increase your debt in a primary residence in two cases. 1) You make more money than it costs you.

I received a citation on a property I have with a Rent to Own Resident.

We occupied it as a primary residence two out of the past five years.We can command strong rents and have a very healthy tenant pool.Some numbers: Based on the comps, I believe we could sell for north of 200k (let's say 210k for the sake of math)We purchased the property for 130k and currently owe 117kThe mortgage, all in (PMI included) is about $970The rent is currently $1625/month (now on month to month)Our strategy is really buy and hold.

Currently have very little experience with real estate investing (we bought a primary residence last year) but my wife and I are working together to become better connected and better educated.