Long term I want to be able to support my mom, grandpa and future wife and kids financially while also spending time adventuring with them and being there for the everyday parts of life.

Have written standards for your property with rationale to support, such as NFPA (fire code), state or local standards and Federal HUD guidelines. 

Some sellers are reasonable and can support you in this unexpected situation.

with good enough returns... curious if any diehard FHA loan supporters have thoughts?

This will help you start to see how these criteria impact what your site can actually support, so when you actually pursue a project site and you get an engineer involved you aren't surprised by what he tells you can be designed for that property. 

Here's what we do (copied from our website):Screening ApplicantsPoor screening often results in lost rents, legal & court costs and costly damages.Screening of applicants includes the following:Full credit/eviction/criminal checks are done, instead of score-driven reportsVerification of rental history includes validation of actual property owner to avoid fraudVerification of stability of income & employment via YTD paystubs & W-2(s) (analyzed to confirm not fakes)Income is calculated 3 ways to spot stability anomalies: pay period, YTD average and YTD + W-2 average.Debt-to-income analysis (more accurate than traditional 3x rent requirement)Bank statement to see if NSF issues, if deposits support income, prove MoveIn Funds, also analyzed for unusual transactions.Pet screeningHolding Fee required from approved applicants to make sure they are serious, before your property is marked pending.

The seller is carrying 15% for 10 years at 5%, interest only or more payments to support cash flow.

Investment Info:

Condo buy & hold investment in San Diego.

Purchase price: $371,000

Cash invested: $50,000

Purchased an outdated condo to rehab and hold.

What made you interested in inve...

SFH are out of the question right now being above $225,000 now and rents won’t support them.

What good is a great deal if you are hundreds of miles away with no trusted support?