If you keep your X flood policy, you will stay at X rates.

I know you have to stay in a home for at least a year with an FHA loan, but I'm not sure the terms for buying another property after that year and keeping the initial one.Any thoughts are much appreciates!

What is the order I need to get this done to stay on the up and up ? 

Definitely stay active in the forums and welcome to BP!

Short story: I'm 30 with a stable income in healthcare, my wife just got her RE license and is working for a great agency now (kids are 3 and 6 so she stayed at home during the young years).

Currently renting my basement out to a single mother and her child since last March, original rent was $1575 (all utilities) and I saw her situation at the time and dropped it to $1500 for a 12 month lease with all utilities included, she purchased a electric charging vehicle less than two months after moving in so obviously taking full advantage of all utilities included.Two months ago, she had a boyfriend stay with her and told me that it was temporary while he is looking for a new place.

Currently renting my basement out to a single mother and her child since last March, original rent was $1575 (all utilities) and I saw her situation at the time and dropped it to $1500 for a 12 month lease with all utilities included, she purchased a electric charging vehicle less than two months after moving in so obviously taking full advantage of all utilities included.Two months ago, she had a boyfriend stay with her and told me that it was temporary while he is looking for a new place.

All IRA transactions must be "arms length", meaning that you (personally) must stay away from such transaction as far as possible. 

Staying leveraged is going to allow you to amplify your return on your own money through any appreciation.

So even if you have 20% down, you will stay pay mortgage insurance with an FHA Loan.