I have recently moved from Denver to the east coast for family and want to start my new chapter in life with Real Estate being a big part of it. 

FHA maintains PMI throughout the life of the loan.

@Verna Littleton and @Nathan Beach have jumped in and are ready to rock.From our experience with human beings, we always scout at least three other alternatives who can jump in and take over at any given time since we can't afford to slip.

One other thing I learned is that 'Cash Value Life Insurance Values' are not counted either, presumably because that is not an easily available means of getting cash to pay for school.

@Daniel Tisdale  Like most things in life and investing, it depends!

Roof that is 15 years old with a 20 year life span will have to recoup the costs in 5 years. 

@Mike TerrySelf-directed IRA funds can be invested into virtually anything except collectibles and life insurance contracts.

If you really want to buy this occupied duplex, think about rich people in your life who may be much cheaper than hard money.

,I'd like to start off by saying I am very impressed at the varying levels of expertise represented on this site and that I only wished I would have learned of all of these opportunities earlier.A little background on myself, I 32 years old, a Texas Native (Houston Area) and for most of my adult life I have been employed (comfortably) in the oil and gas industry.

I, personally, would reserve $100/mo. for capex in your situation.One thing most folks miss in this stuff is the waste line to the street unless its brand new your going to replace it for 3 to 5k as well over the life.. along with plumbing fixtures etc and maybe even a replumb under the house along with dry rot etc..