Speak to your lender about FHA requirements to ensure you qualify for what you are looking for and get a pre-approval letter that will help you get a competitive edge when looking for a deal like the one you have described.

A couple of considerations to add to the other posts:1.Are you paying cash for the down payment or borrowing?

So now, i am considering selling it and paying off the majority of my first rental (I owe about $255k so i could payoff a big chunk and pay off the rest with added payments over a year or two), or put the money into stocks and grow it from there.

Cut out the middle man. 

Here are some steps and considerations:Lenders look at your debt-to-income ratio (DTI) to determine your ability to manage monthly payments on the money you borrow.

@Tristan Bennett, DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans: 1.

Typically investment properties requires 15%-25% down payment depending if it's a single family or multifamily.

This is why I'm taking the route of a FHA loan since the flexibility on approval for self employed investors .Can I open an LLC to manage this 4 unit property ,so tenants can make payments to my LLC?

If you see nail heads in the long edge grooves you’re likely out of luck.

My current tenant is being evicted due to non-payment of rent, and the eviction hearing is set for mid February.