My main question here though is whether refinance can be done within 6 months without penalty. 

My main goal is to try and refinance them after 6 months. 

I am looking to make a low down payment (3-5%) and so the obvious choice was FHA.

My income is $140k gross (software engineer), my wife currently stays at home with our child, but could go bring in $30k-$40k if needed.My question is if we put the $150k down (with $100k via a HELOC), rent out the back, and do some airbnb ($100-$150 in the area) with the extra rooms in the main house.   

My main question is, do property managers typically charge a higher percentage on units that have lower rents?

My main goal for next year was to move out and buy a 4 unit using my VA home loan.

The main value-adding I see going in your favor is that you don't pay yourself as much as a "normal" Property Manager charges.

I want to start investing in real estate and bring in some cash flow. but there is two options that I need help with. there are two locations one less desirable but still you can find some good houses but alot of choices and the prices on the houses are very low. or go to another location where is more desirable but fewer houses I say like 5 percent compared to 80 percent of houses. but the houses are twice the price . you will get better rents but pay higher mortgage. another thing to add. pricier homes have alot less taxes. as a first time investor not knowing what to expect where should I lean too first. thanks guys for the info in advance.

They do 80% LTV on 2-4 unit investments, but with your choice of a prepayment penalty or a couple points.

This will all have to permitted by your city, along with permission from the current owner.Have you considered purchasing the entire parcel and renting the main home back to the current owner?