In my experience most 2% properties are in the hood and and the only way to make it work is neglect the property for cash flow.

I just bought a 12 unit under similar circumstances.

As far as I am aware it is only mortgage fraud if you misstate your income or circumstances during the mortgage application.

What circumstances would cause you to modify your approach?

Plus you need to consider your personal circumstances and goals.

If your business can not run and your employees can not rent to provide you a income, naturally you stop feeling bad and for others could have prevented their circumstances and start to feel bad for your wallet.

I'm super excited to jump in but I'm seeking some advice from someone who has been in a similar circumstance before. 

They can be more relaxed on negative credit circumstances, mortgage insurance can be cheaper when compared with conventional products, your interest rate can sometimes be better, and there is the fabled 3.5% minimum down payment.However there are certainly sides of FHA that aren't always quite as favorable to the borrower. 

Then the yearly or monthly interest rate.Situations of personal needs various and who works best is based on circumstances like amount of loan and lenght of the time.It is good to compare the total costs based on the length of your loan; and see what is more resonable for your specific needs.Good luck.

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