I did confirm to him that I will return the security deposit within 30 days after the property is vacated.

We are in the initial design phase.

However, please consult a qualified lender to confirm what you'll need. - Credit score of 580 or above. (640+ will be easier)-Established credit history (I think 2 lines of credit is the minimum i.e. a credit card and car loan)-Verifiable Income -Be able to afford the housing payment AND any existing debt. 

Gross income of all units is $1600/month with room to be increased by $50-$100 after basic improvements (paint, laminate)Just want to confirm with you all that the numbers make sense and I’m not crazy for taking this leap!

I would want to know what is fueling the demand in rentals so that I can confirm that it’s not temporary or vulnerable to a downturn in whatever that fuel is.

They generally take the average of houses around the property even when there can be huge differences in curb appeal, updates, design and maintenance in the houses.

I was a banker for 25 years and my wife's degree is in Interior Design.

I suspect the gov't regulators that designed the current disclosure forms had an anti-FHA bias, the pre-2015 disclosures didn't cause as much confusion, there's no other typical/standard fee that they make look like it's charged 3 times...

I’m not really concerned with being recorded, the worst thing I’ve done is trash-talk design features that drive me crazy, like painted brick, farmhouse sinks, carpeting in the bathroom and floral wallpaper.  

You can also speak with some agents, get some properties you're interested in, and then fly out there to confirm it's still good after seeing the properties and neighborhood.Another alternative is to find deals in MA, and even NH, southern ME, RI and maybe even CT.