Assuming that it is possible to put no money down... and because the LTV ratio is so far apart, would it be possible to pull money out of the property to create an emergency fund?  

Meaning you can maximize your one time chance of buying a property with 96.5% leverage via a government subsidized loan - Considering the two above over the long term if you buy a multifamily you will have: 1) Created more equity via loan paydown and appreciation2) More cash flow and stabilityIn my opinion you want to go as big as possible when doing FHA.

I am a 3D artist, creating motion graphics for game day events and renderings for project bids on LED displays. 

I highly recommend reading How to be a Landlord written by a Newton, MA lawyer:http://www.attorneyross.com/landlord.pdfI use Lease Runner to create my Massachusetts leases & accompanying documents which are then signed online by me and my tenant.

I will be giving my tenants a "Protect Your Family from Lead in Your Home" pamphlet that was created by the EPA.

Great way to learn how to create and close deals - and any budget can work! 

When my wife and I were running multiple Airbnbs in Denver, we allowed pot smoking but not cigarette smoking, and the amount of weed left behind -- since they can't fly back with it -- was enough to create our own dispensary.

You the benefit of creating a new higher value because you rehabbed the property.

@ Actually I created a list from that area on listsource which contains about 1100 properties.

Memphis Invest uses a software called PropertyWare to track all expenses, collect statements, and create a ledger of accounts receivable, paid, outstanding, and overall return on investment.