As far as some general criteria/thoughts:- My workplace is in the Cobb/Vinings area and I would ideally like to be a < 30 min drive to work (though I don't mind if its up to 1 hour away since that is my current commute)- I'm interested in using a FHA loan to put ~5% of a down payment (3.5% down pmt + 1.75% upfront mortgage insurance premium)- My target all-in purchase price range is between 200k - 400k - I would prefer to live in a 'A' or 'B' class property that I could rent another unit to a young or established professional/college or grad student- Just from discussion with my friends, a lot of them seem to dig living in areas like Midtown, Buckhead, Virginia Highlands, Brookhaven, Lindbergh.. how feasible would it be for me to househack in any of those areas and expect to generate a decent return in the future once I move out and rent out my unit?

If you hold the property in your name, they will want to see your tax returns including form T776 for the past 2-3 years.If you hold the property in a company, they'll want financial statements for the company (minimum) and possible corporate tax returns as well.  

The best part is that you get to make a really good return on your money from the interest rate you collect.

The CoC return could be better in my opinion, but really depends on what your goals are.  

Oh how I wish :)@Skyler Massey, I'd go back to your 8824 that was filed on your last tax return by your account. 

But every deal has different partners so the remaining return is what it is.  

My question 30% return is good for my first flip.

@Travis ChristmanRental income is considered profit or return on your investment.

Not only will I rent out the other unit but also rent out the rooms on the side I will live on to girls around my age.

that's rare, but it suggests a lot of things about your building...like the condition, assessed valuation, upside potential, etc...I've personally never seen a 6-unit in a good area with taxes that low...Overall, I think your returns look really low, so I would say this is a relative investment...if it's in great condition in a great area, maybe it makes sense...hard to tell much more without the full property information...