Technically I (as a FHA borrower) would be renting more than 30 days to the LLC thus not braking any FHA rules, right ? 

As for appliances, it depends on why things are braking. 

(not to say that you are scamming people, just decribing the perception and perception can make or brake you in business.

Yes they've hit the brakes on growth, but that's probably an aberration in the macro-trend.

I agree with Jon that the garbage disposal is just another item that will brake.

If it means only braking even on your first deal that's fine.  

After market declines home is worth $80k so you have zero equity (with the exception of the principle payments made). 

As Chattanooga continues to grow as a sought-after market, having a larger piece of land is a great selling aspect of the property.

It doesn't sound like this is the case but the only time I have seen participation buildings have been in the case of a Townhome, I have seen some "renovators" in the Denver area get creative where they take a larger home and brake it into (condo/townhome) type units and then require each unit owner to acquire their own flood policy even though technically it is one building.

Sometimes just need to pump the brakes and take a deep breathe.