The game plan is to acquire the land and build a vacation home to become a vacation rental.

The YouTube video they sent me seems pretty straight forward so I am certain they are planning on installing the under sink water filter themselves.

There are some other extenuating circumstances that allow one to use more than one FHA loan at a time:- Relocating to an area beyond reasonable commuting distance to your current residence or affordable housing is not available - Leaving a jointly owned property to buy a home, and co-owner (such as divorce) plans to remain in the home.

We planning to meet with a lawyer soon to cement our articles of organizations and operating agreement before we form the LLC. 

If you are buying it as an investment property, you are buying it at a much higher rate than a traditional owner-occupied loan so you must be in a primary residence now and are just planning a just-in-case scenario.At first, I thought this was a no-brainer answer as if you can do whatever you want, but those investment loans are banking on the income projected as part of the collateral for the loan so it's a good question.A seasoned lender or someone who has had to move back into one of their properties will get you the best answer.

Planning to do on-market deals, talk to real estate agents.Don't really know how the contracts work, where to get them, or what to put on them.

Perhaps you can be more specific on what deals your referring to.

An option period is a specific timeframe that both parties agree to in which the buyer can terminate the contract for any reason without risking their earnest money.

Specifically, a location I am looking at is Ashford WA, near Mt Rainer National Park.

Test and refine your communication plan—it pays off!