However, being an FHA product, it comes with PMI.  

(which would be really a stretch)  Or a down payment on a house and another income producing asset.  

It may be best to have a specific bank that you are contemplating explain what may vary if you intend to utilize any particular multi family loan product that they have to offer. 

Yes, we would absolutely have to sell to an investorI am concerned though,  because I have read that it would be hard to get a loan on a non producing property, so basically we would need a cash buyer...That definitely narrows down our pool of potential buyers..

At a minimum I would provide answers to these questions if you want to get some productive feedback. 

I personally like income producing assets.  

The idea of eventually owning multiple properties that produce a steady cash flow is extremely appealing, however, I understand that I have A LOT to learn. 

@Daniel Ryu, unfortunately, we never got to go to Korea ourselves, but we did meet with a number of country product reps, which was fun by itself. 

I wish you a productive and successful journey as you begin going down this new path in life.  

If your buy and rehab are all included in the $50k hard money loan, and the ARV is $80k - when you refi (as soon as you have it leased or after six month seasoning if required by your mortgage product) you will be able to borrow 75-80% of value - so, $60-64k which will pay back your $50k hard money loan.