Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property? 

Also future expansion to add additional buildings to rent.

I thought it would be as simple as adding up all of my losses  from Schedule 1 - Additional income and adjustments to income line 5 over the past few years. 

YUP  buy the debt if you can  and YES  Events of Defualt Waste is almost always in the boiler plate and rarely this is done but in this case if you own the debt you could certainly start a foreclosure for waste !!

Al,For a Flip, the usual coverage is a Builders Risk policy to cover the existing property and the additions/renovations. 

Additionally, think about the rental demand in your area and how that might affect your vacancy rates.

For a park on septic they would likely pass or at least ask for a pretty big additional discount.Tons of other things to consder but those are some big upfront ones.

I am wanting to ideally find a single family house with a few bedrooms so I can rent out additional rooms to my friends who are looking for housing.

They will contest the debt and most likely you will end up needing a Judgement which you then hope to enforce later (good luck).The main leverage you have in your desired scenario is Posting negative item in tenants Credit Report and hope they care.

In addition to that I love accounting and tax and love helping people and pointing them in the right direction even if our model isn't a fit for them hit me up any time!