If you wait to pay the license fee, you will have to send in your payment after you pass your exam and you'll be stuck waiting for your license for an undetermined amount of time.

I'm not particularly thrilled about the idea of buying a multi-family property and living in one of the units, but it seems like the most (fiscally) prudent decision for me, at least right now, as I only have enough for a down payment on one property.

I have 750+ credit and zero other payments. 

Are FHA loan down payment rates negotiable?

What are some of the more tech savvy methods to receive rent payments? 

Thank god nothing happened during the two years.I asked them to take care of the HOA payments.

You could choose to pay a few interest payments(by not completely paying off for a few months).  

In the mean time, monthly mortgage payments were still due!

(eg: If payment is not received by the 10th we the tenant will be processed for eviction"). 

because 1st: no penalty for early payment, which sounds pretty good deal compared to HELOC and there are some more advantages.