As mentioned it can be difficult to get another FHA loan if you have one currently unless you have a job transfer, family size increase, etc.

I will be looking at purchasing a multifamily turn-key and living in one of the units for a year.

It allows you to live in one part of the property while renting out the other, helping you cover your mortgage and build equity at the same time.

One challenge we encountered was navigating New Orleans' unique market demands, but the strategic improvements we made were tailored to those needs.

The catch is you have to be a State of NC employee or relative of one to have access to the Credit Union which eliminates most of the USA and even most NC residents.

I have found that some properties I have purchased run smoothly, and others, no matter what I do, don't, and those are the ones I sell.

Even more, I just rolled out with an investor program where I don't need to do a hard pull at all. 

I strongly suggest you have an attorney draw up the contracts (and one has who has already done this many times, as they will already have templates they use).At the minimum, a lender need a Mortgage but I would also recommend for more protection, a lender will want a JV agreement, promissory, personal guarantee and if possible, to have the deal cross-collateralized with another property. 

-we had one like this we helped an owner with. seemed fine, separate docs for the lease and purchase. 

One thing to be mindful of is many hard money loans come with prepayment penalties.