Nothing else can enrich, and bless, me like helping someone who truly needs it.Our project this year has been a retired missionary couple in Honduras who take in girls from horrible circumstances and raise and educate them.  

The fewer items the association is responsible for, the lower your fees will be and the less chances of a major spike down the road due to unforeseen circumstances.

The borrowers must occupy the property within 60 days after closing and must continuously occupy the property for one year unless they can document hardship or extenuating circumstances. 203(b) is what most people call "normal "FHA loans.  

Concerned I may run into some unforeseen problem( banks are funny).

In your scenario, if my circumstances permitted, I'd be tempted to pull out as much cash as possible now and refinance it again with a conventional mortgage (historically low rate); then rinse and repeat, without needing to wait for your cash to start accumulating first.  

Whether or not they will...I don't have my license yet (working on that), but given the circumstances of the transaction (not representing an external client, an innocuous mistake based on inexperience with this type of transaction), I'd probably be looking for a new broker if they wanted to charge me more than simple, reasonable expenses.

You can get a 5-year guarantee on new construction rental property under the right circumstances (http://www.biggerpockets.com/forums/517/topics/174...).

If I mitigate mold, asbestos, or lead based paint, potential exposure to a tenant is zero in normal circumstances.  

Hi Hitesh,I can understand your situation as I have had multiple investors from California work with me here in Austin under the same circumstances.  

Depending on the circumstance, in some cases it can be seize the property first, ask questions later.