My family and I would live in one of the units in order to be able to do this, and there would be an additional 3 units in order to get the full amount of the FHA loan. 

I think some of the newer construction is sitting well above current market value and could be in jeopardy if the market adjusts or the economy continues to fluctuate with inflation.Depending on where you live and what your comfort level is there are several other states that can offer a better cash flow for a similar price range.  

If you live in Philly, you should know which are the go blocks and the no blocks.

The real estate website expects Toledo home sales to increase by 14 percent next year, because the lure of low-cost housing has sparked a surge of buyers.Both buyers looking for a place to live and investors planning to renovate and rent find Toledo attractive, according to the real estate website.

If you are looking to buy 1-2 properties and live off the income - probably pretty crazy. 

I live in Salt Lake County.

Keeping the properties separate is mostly for the different depreciable lives and it wouldn't matter a whole lot when you eventually go to sell the property.

. - We have lived in the house more than two years

Interesting conversation nonetheless...

If you don't want to get your lenders in trouble, pick up a copy of Lend to Live in the BP bookstore for both of you to educate yourself on how to do it the proper way so that it's a true business transaction and not cutting corners just because you know each other personally.