You will have a balance of 45,000 over 20 years. 

@Luis Marcelino Since you are an architect, it may be difficult to "dumb down" to a general residential renovation project, but you have an inherently strong skill set for this type of work.

I think it maybe difficult to find a contractor with financing especially in our area. 

@Colleen Cimo I moved my property to PM company Home River (Brick Lane), but have yet to be directed on how to get balance out to my personal bank account.

You have to stay in your FHA probably for about a year, I don't know much about your market but if you went with conventional financing (typically 20%) it may be difficult to find homes in the $50,000 price range. 

I'all look at spec if I lying those details.Additionally, while I would love to invest in commercial multifamily properties, I imagined it would be more difficult to acquire financing, especially for me, since the initial investment would probably have to be about 25% as   down payment with less time to pay off.  

I currently own 5 properties as belowCurrent residence: Bought for $637K, downpayment made-126K, current mortgage balance - 500KInvestment Property1: Bought for 175K, downpayment made - 65K, current mortgage balance - 105K, net rental cash per month after PITI+HOA fee payment = $445Investment Property2: Bought for 209K, downpayment made - 72K, current mortgage balance - 124K, net rental cash per month after PITI+HOA fee payment = $436Investment Property3: Bought for 217K, downpayment made - 70K, current mortgage balance - 0, net rental cash per month after PITI+HOA fee payment = $1137Investment Property4: Bought for 455K, downpayment made - 90K, current mortgage balance - 253K, net rental cash per month after PITI+HOA fee payment = $287I also have investments in ETFs worth around 250K.

Umbrellas are available from nearly every insurance agency and are extremely common for investors.On the commercial side, refinancing is more difficult and costly so the BRRR really works best with residential loans.

So.... my house is worth 1.3mil. and my mortgage balance is 250k... i have some equity.

I believe it would be quite difficult to find quality tenants w/ great income.