If you relocate and now reside in a new area that is outside of a reasonable commuting distance from the current home.Additionally if you plan on getting a second FHA loan, the lender must evaluate your circumstances to determine the circumstances behind the need for a second FHA loan to determine if it is legitimate or not, items include... length of time the previous property was owned by the borrower, and  circumstances that compel the borrower to purchase another residence with an FHA-insured mortgageThen there is also a big disclaimer at the bottom which reads:Important: Under no circumstances may investors use the exceptions described in the table above to circumvent FHA’s ban on loans to private investors and acquire rental properties through purportedly purchasing “principal residences.”

I always tell my wife at least once a week, I hope the housing market tanks again, because we have the in still and the money will follow like water again.

With 5% Vacancy and $80 water/sewer monthly bill, my cash flow is about $420. 

Do not leave anything on the table.2.

@Horace Lewis First off you are missing expense items; garbage, insurance, lawn and snow, water and sewer.

To be clear I am not "anti" Memphis, I just think it has more issues than some other cities so if you have the whole of America on the table and you're an OOS investor it shouldn't be in your top ten options. 

It sounds like you will do all the work and they will bring the money to the table.

If the IRS ever looks into it, it will not hold water, and you will face high back taxes plus high penalties.In other words, these are tax savings to you, but improper tax savings. 

If you put the home Under contract for 65% of ACTUAL value or less you will NEVER be without a buyer.Wholesalers get in hot water or have to rescind contracts when they commit to purchase a property for more than they can sell it for.

It is imperative to know that your property is healthy.Trevor Conklin, you will need to factor in other costs such as insurance, water and management fees.