Hi Dan,What is your current occupation?

When student loans were discontinued, I lost 50% of my occupants.

The other thing with FHA is that there is also an occupancy standard that must be met before you can sell.

Generally as an investor you remove taxes and insurance from principle and interest.Taxes and insurance are expenses everyone has to pay so they would need to be included in any financial info you flowed to a potential buyer in the future... principle and interest are entirely dependent on the financing you receive (if you even finance at all) and the seller isn't concerned with.Beyond that, as an owner occupant, your taxes and insurance may both be deceiving.  

I think that while it is incumbent upon the landlord to be clear right up front with things like tenant responsibilities, repairs that have merit, etc, etc, we all know things could go very differently once the tenant has taken occupancy.

So, I could conceivably certify a 1-yr owner occupant, perform a live-in rehab, and re-fi at 100% appraised value?...

A reason for cause is usually listed if landlord files for eviction during a lease period such as non-payment of rent, violation of lease - violence, drug use, unauthorized occupants etc.. 

So, when you run the numbers for full occupancy you get roughly: $800 + $485x5 + $450x2 = $4125/monthmortgage + expenses somewhere around $1500/monthThis deal seems like a no brainer with current renters and rental history.

As an owner occupant, you can refinance at about 85% LTV, or take a HELOC at about 90% LTV.

If you're buying a home "back home," or at a permanent duty station while deployed, a spouse can fulfill the occupancy requirement on the veteran's behalf.