My older sister is already wants to get involved and she's a stay at home mom, so this was a section of the business I was considering having her learn.

If the building WAS a SFR at one point, then you might need to some serious investigative work to make sure all of the utilities and plumbing are cleanly partitioned.

Can you clean up the existing house, rent it out until you get all your ducks in a row.

I also am involved with my church: a part of my focus is to develop leadership in the youth band as well as a young adult band.

Just that the market combined with your state of mind tells me clean break.You can sell all as a package and 1031 into a passive investment and collect your 7% - 8% for the next 20 years but its too small for a big group without a  huge hair cut. 

Additional concerns: tax implications, risks, benefits, & any additional information especially involving paying the least amount taxes. 

And all my mattresses get protective covers put on them, as well.Re: furniture, I've gotten some great dressers, coffee tables, etc. at consignment and antique stores, but anything involving fabric/upholstery I'm buying new.  

My questions involves the legality of such a scenario: Can I use an FHA loan if I plan on only staying there on the weekends?

I have a tenant who wants to buy for cash, so this is a FSBO/no realtor involved.

I live in the Denver area and looking to get involved with real estate here.