One advantage you'll have over people doing a regular FHA purchase loan (non 203k FHA rehab loan) is that when you go towards purchasing a 3-4 unit property and have to deal with " FHA Self Sufficiency," Rule you'll be able to use future market rents that are appraised on with after repair rents (way higher than your acquisition rents probably).This makes it easier to make your FHA loan qualify especially if you buy a good deal that has big rental income upside (your proforma future rents are way higher than your acquisition entry rents).FHA SS rule is required to qualify a FHA loan when its a 3-4 unit property, this doesnt apply to 1-2 unit FHA loans.Even on 203k FHA loans you'll need to meet FHA SS rules (3-4 unit applies to).

🤔🤔Correct, experience is not a requirement.

To start the process they require: 1) letter of intent; 2) lien release proposal written with attorney or title agent; 3) survey with descriptions of before and after.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

Even then, they should be facing out to detect intruders, not used to spy on tenants.WiFi locks require a WiFi system.

Some of these are run by a leader and require a fee.

If you require an 8% APR to make a deal work, you don’t have a deal. 

They are much easier to work with and they are not required to file tax returns. 

Keep in mind if on well/septic there are likely acreage requirements-Site Engineer, does your area require a site engineer to draw up plans, pull permits, determine right of ways et with fire/utilities.

I didn't realize the $2-3M in other investments requirement to be honest.