It is a booming economy with East Carolina University, Vidant Medical Center, and a strong industrial base as the main drivers.

The reason is for your benefit.

@Mike Day  After 4 financed properties, I used some seller financing to buy more, but mainly small local banks that did portfolio loans.  

Meaning your income would have to cover both notes.If that's the main caveat that FHA has about re-buying/re-applying in the same area, then THANK YOU for explaining it! 

I would live in the main house and rent out the apartment was the goal.

My reason for posting is this: I'm mainly a wedding photographer, but I am trying to branch out into some commercial stuff.

I guess my main concern is the rising interest rates we'll be seeing soon if things keep going the way they are, so I'm wondering about locking down a couple more cashflowing properties.I know it depends on individual goals, but I guess I'm wondering what you guys would do if in the same position.

Don't get me wrong.. as soon as it's 100% done I'll list MLS with my realtor (who is great), but just thinking of listing it when it's 85% done, to try and get a private sale (mainly to save on realtor commissions).  

I don't have an area in mind just yet - I mainly want to see how much I can qualify for and then I'll start searching accordingly.

Besides the obvious benefits of buying like new (more depreciation, deferred CAP EX expenses) what are some others?