HomeReady also allows Boarder Income (roommates) if you need it to qualify.The rates are slightly higher for HomeReady than FHA so it would be best that we run an analysis to see which is the better deal for your future plans with the property.A few other differences: HomeReady has income limits, FHA does not.

So after looking into it I found out that most landlords say in there lease they will not allow subleasing (OK thats fine, but if I'm offering them no vacancy, im sure they will accept my terms) So for example even if i dont offer the 5 year lease ( The man i spoke with just used that as his example because then he said during that time the owners would more than likely consider selling it as well..

They do consider any option consideration paid as part of the down payment and allow seller-concessions for closing costs and non-repair items (like a landscaping allowance).  

I would start off with fewer units (around 18) then large complexes later unless there are plenty of homes that have tri-plexus and four-plexus that are occupied will cover your debt payments and possibly allows you to live there if your situation would allow you to possibly live there.  

But they felt we needed reserves and want to put a credit line on another apartment building for $820,000 and restrict $500,000 repairs and allow $320,000 for the actual credit line.  

is everything included or do you have allowances for certain items , tile, flooring, appliances ?

My wife and I will be starting a family soon and want the income to allow her to stay at home. 

The lender will also require a "Repair Allowance" that is included with the monthly mortgage payment.

Doing so, will preserve your landlord rights better and allow you to make changes without the tenant's consent. 

I'm about to get a tax lien on a private road that allows 38 townhouses access to their two car garages.