I got a FHA loan 30-year fixed interest rate at 4%.  

Doing this will result in higher fixed expenses on the borrowed money until you find a deal to invest in though.

Small fixes will not do a dang thing, I'm afraid.

A few additional pros and cons of an FHA loan is that the appraiser has stricter guidelines, one of them being that they have to point out any health and safety hazard that are present and require them to be fixed prior to closing, which translates to potentially a riskier transaction for the seller.

Nothing that needs to be fixed but thinks could be upgraded.Value 120-125k

He can give you a realistic estimate on what it would take to fix it. 

I fully intend to rent out several of the rooms, possibly in a Short Term situation through AirBnB type sites, some rooms to what I hope to be my daughters college friends that have Mom & Dad to foot the bill for them :) Aside from that using a small MultiFamily is a great idea as well as even doing a live in fix and flip, these are all ways to house hack and unless you just can't stomach having "roommates" or living next door to your tenants then I just can't see a downside. 

Fix it, rent it..

Account ClosedWe just locked in at 5.5, 30year fixed, Conventional, non owner occupied, 2 unit. 

The caveat was the rent was set at below market and fixed for the 5 yrs (rookie mistake).