Acquired in 2011 as my primary residance for $117k.

The complex has a mix of 1, 2, and 3 BR condos, and the 1 BR units are in the sweet spot for us, in that their price is too low for conventional financing, leaving cash sales and owner financing as the primary options for incumbent owners of single units looking to dispose of their apartments.  

If so, the market is tough for that as any fixer has investors looking for flips and home buyers looking for a primary residence.

.$180K CASH, $1,100 positive cashflow after HOA is only bringing in about 7% annually.

Yes the FHA is because of down payment, but in a few months I'm going to be in position to have 5% or more.

I have had this burning desire for a couple years to start back flipping homes and then would like to rent for positive income to fund my flips.

Or will the unsecured note be treated the same as a secured note at second position lien and be counted as part of LTV when I go and try to refi the place? 

In this position, I think the best course of action is to seek out tenants that can sign annual leases.  

2) What if I've moved into in this house as my primary residence for 2 years (kids will both be in college) before the renovation and sale?

I am currently renting now, but will be in quite a good position to buy something when we move (likely somewhere in the Midwest).