Because you are generally getting better terms with an FHA versus an investor loan, you can offer more on multifamily, giving you a competitive advantage.

Seems to be an organized and really easy way to track incoming versus expenses.Is a business account something I should be thinking about or just any sort of checking account (for rent payments) and a savings account (anything extra after mortgage payment)Any particular banks that are recommended?

I'd aim to spend $200-300k on construction costs.The main reason I'm interested in building, versus buying an existing $200-300k house, is that my city offers a decent grant: $25k toward my child's college tuition, as long as I stay in the house for at least four years. 

I would describe it as one legislator's perspective, one with which I could agree or disagree, versus deeming it "California continues creating crazy laws", but I respect that each person expresses their interpretation and take on news items differently.What I love about our country is that there are many different places people can invest with different laws and structure and that we have the freedom to choose where to try to make our money and futures.

You are going to grow out of that condo quickly.3) What's the difference between having a two unit with tenants next door versus a condo where the unit next door is rented out?

I think the other issue besides DTI, my income 2 years ago was was down pulling my 2 year average down.There are bank statement programs specifically for self employed individuals that calculate your income based on cash flow from bank statements versus 1099s/tax returns/etc.

First time buyersBuying your first investmentHow to select a first investmentHow to underwrite a first investmentFinding a good realtorFinding a good brokerFinding a good attorneyFinding a good contractorFinding a good property managerFinding a good landscaper, HVAC, etc etcFinding your first investorsBenefiting from economies of scaleFirst time buyers of large multifamilyLarge versus small multifamily portfoliosHouse hacking your first investmentsUsing your FHA loan for your first purchaseValue of appreciationValue add versus turn key investmentsLong distance purchasing, pitfalls, benefitsGood debt versus bad debtDifference between being a passive or active investorAlternative ways to get into real estate, REITs, syndicates, groupsHow to address risk in investmentsIt’s okay to lose money when you’re starting outMortgagesHigh interest rates, low interest ratesPicking a lenderDifferent types of loansHow to safely use debt to grow quicklyGood debt versus bad debtHard money loansValue of a good brokerContractingProject updates, in person shoots of renovationsBefore/after show and tell projectsLearning experiencesStory time!

@Evan O'Brien  1) yes you can  make a  one time payment for the mtg ins  versus  paying monthly ..this would  be  priced into  your loan  and this  would create the  fees/ rates to be  higher  2)  Most  programs  will not waive the MI for first time  buyers ....but  you might check with the smaller  - mid size  credit unions and banks in your area to  see if they can offer  a  special  program that  might allow this 

I also have the faux wood tile in another area of my home, which also looks good.I'm certainly a fan of making upgrades; however regarding rentals, I lean more towards what's cost-effective versus long term value, as, unfortunately renters do damage things. 

First of all, we don't really know from the photos how much of this may have been done by your tenant versus your handyman.