The best thing would be to buy an existing 4-unit with an FHA loan.

I wish people would use the search function because this exact question is asked several times a day.The existing contract transfers with the sale and you cannot change the terms of that contract.

That's exactly the type of information I was looking for something I was completely oblivious to and didn't know existed as an option.

I saw one   one time where the  insurance was a company in Thailand LOL  cool logo.. but it simply does not exist. 

It is a more challenging market to find good deals, although they do exist. 

Analyzing this property a few ways: flip, STR, LTR...open to BRRRRThe linked report is to renovate the existing floorplan without the changes to the floorplan.Fast facts:1600 sq ftCurrently a 3Bed/1Bath; 1 bed and bath downstairs, 2 beds and 1 extra community area upstairsOriginally a 3Bed/0Bath; eventually someone added bathroom, laundry room, and mudroom (all downstairs; addition is vinyl-sided exterior)Full reno neededSpecifically interested in feedback on any of these points:Did I miss anything?

Is the configuration existing ?

However, I don't know if "new contract" means the seller wants to take the existing EMD and have a new contract for a new EMD amount...if so, is that normal?

I focus only on buying subject to existing financing.   

I would not renew the existing tenant, but you don't want to do this going into the holidays/winter.