That way if any tenant in the future has issues or questions about this situation you will be covered from a liability stand point.

Depending on your situation, you could live in a unit finance via FHA w/ 3.5% down and bank the other two units. 

I'm just trying to understand the general situation, not looking for legal advice or an answer in a specific situation at this point. - standard disclaimers about questions apply.Thanks very much.sw

My current situation is that I'm interested in generating rental income but I don't have enough cash flow currently to make it happen anytime soon.

We made an offer on another home yesterday and it went into a multiple offer situation. 

I am going out of towm for a couple of days but would live to hop on the phone next week to discuss my situation and how the numbers are going to work out. 

depends on the property and how much you know about it  ….possible to do a " pre inspection " ..this  has been popular in the NW  in  multiple offer situations

So here’s my situation..I am about to graduate college and will be working in my field full time in order to be approved for a mortgage and financing to pay for renovations for my first flip.

I've had a few clients in your situation here in town.

I think you got lucky- if $50 is make or break for her, she probably isn't in a stable situation.