However if you plan on buying 3-4units, there is a trigger rule for FHA, it is called the self sufficiency test.

Contact your agent and see if your current policy is sufficient or if you need to add anything.   

Appreciate your tokens of wisdom around the forums, it's helpful!

Quote from @Elmer Wayne Fisher: If you decide to move forward, all you have to do is give the current renter sufficient notice so they can plan accordingly.

AirDNA is a very powerful tool that can help determine this, however unless there are a sufficient amount of 3 unit STR's in and around that area, I would take the numbers with an extra grain of salt.

You do the math but I doubt that there is sufficient cash flow left after the PI payments for both loans to make this work.

My passion for marketing developed when I recognized that you can leverage creativity to achieve (just about) any financial goal so long as you are sufficiently motivated.

However, occasionally there is sufficient baked-in equity in an acquisition that we have refinance sooner (as short as 30-days).If the home is inhabitable, it should make no difference to the appraisal whether there is presently a tenant or not ... sometimes it is easier for an appraiser when the property is empty.    

In my market most clients make too much money to use this.FHA Loans, 3.5% downMultifamily 3-4 units:Conventional loans 25% downFHA Loans 3.5% down payment if the property meets self-sufficiency standards set by the lender.

I went with a 2 unit instead of a 3 or 4 unit because it's really hard to meet the self sufficiency with Chicago properties.Are you an over-the-road driver or long haul?