@Michael Prim Welcome from one Western Springs Resident to another!

The only experience I have is buying my primary residence in which I used an agent to acquire.

If that is Weeks with Wigger and I can't remember the other one at that office then they are actually the same ones that did my closing on my primary residence in Summerville, SC.  

I'm  not sure if this qualifies as creative nonetheless... just a curious question can someone with an FHA loan also use PMI on TOP of the loan??

Your lender should have a few contractors they have already approved for 203k jobs, but any competent, insured gc experienced in rehab start/renovations should qualify.

In most cases, the net tax is not significant, and you will still very much reap the benefits of applying leverage such as higher cash-on-cash return.If you are self-employed with some kind of side business, and that business has no employees, you would qualify for a Solo 401k plan.  

-I have a house(primary residence) under contract that is being built and bank wants it 100% complete to process the loan.

You may be able to transfer your purchase option to another person, but that would need to be spelled out in your purchase option agreement, and you likely need the current owner's agreement to accept the sub-lessor as the transferee.You need legal advice here which I am not qualified to give.

I think that most people don't know if they qualify.

Apartments of 16 or more units in Calif are required by law to have an onsite, resident manager.