As we all know challenges arise that were not figured in the original scope and I ran into two main problems.1.

Lindsay, it sounds like you have a bit of a challenge on your hands. 

I have a good deal of experience with renovations, loans, use of hard money, access to MLS, knowledge of my local market, etcThat being said, I am excited to begin investing in RE but here are my challenges.. 1) I am a HUGE believer in 15 year mortgages.

You do that you satisfy all the requirements of the mortgage, then move on, rinse and repeat.Besides my friend who did this 7 times in a row, I've done it a few times myself getting a owner occupied mortgage living there then buying another owner occupied house, keeping the old house and its mortgage in place and renting it out.  

Not sales anymore but it was fun dressing up everyday and challenging myself. 

Having purchased a four plex myself recently, I will say there are some challenges.  

Heck; my general feeling (having  been through the torture of the program) is that seasoned landlords should also avoid it like the flu.If you remain interested in this program try to find a landlord in your area who is familiar with your local housing authority that oversees the program; they can provide valuable information on how easy or challenging it is to work with the inspectors and caseworkers in your particular program.Good luck!

You would have to live there a minimum of one year, to satisfy FHA Requirements, before you can move out. 

I will challenge this- our market is hot, no question.

As an inexperienced investor, I plan to stay away from the more challenging neighborhoods in Newark and have so far focused on my immediate surrounding areas (Ironbound & Lower Broadway).