You can bet I'll be doing my banking there, as well as other real estate deals.

., then it seems safe (for 8 years at least). 40 miles from Boston odds are really good that it is a great location.

Ask yourself how many other agents are mailing to this same person and what are the odds they will pick up the phone and call YOU?  

What's going to be my best bet with this equity we in these houses

They have to ask the tough, and odd questions up front because no loan goes without an issue that couldn't be resolved by just asking the right questions. 

If one rented it as a 2 family and just included the electric utility in the rents with the upstairs unit having a 2 levels it would be odd as the 3rd floor of the upstairs unit would have a separate gas bill. 

I bet you have friends who have done some kind of rehab in the past.

You bet! 

Sure thing Alex, the only problem might be that you cannot own any real estate individually or jointly prior to application on this home possible program.I have yet to ask what if the ownership and the debt are obligationed by a corporation or LLC and if that would count against this "individually or jointly," ownership rule but I'd bet that would be considered ownership as well.

As someone with no experience, it seems odd to me that most duplexes I've seen in my area are listed as just one side of the duplex.