Before last week I was under the impression I could move from my current residence to a new property and use FHA financing as long as I was proving the new residence was being done to upgrade my lifestyle or in a location the is more beneficial to my needs (moving closer to work).  

Factor in your costs to make the deal happen, any costs to upgrade or repair the property prior to sale, your required profits, and a fudge factor for unanticipated costs or delays.

I notice you are both pros, I'm going to see how much I can do with the free version, but I'm thinking it would be worth the investment to upgrade!!??

Oh, and by the way @Bob Cash , this is not the right forum to promote your investments, you should upgrade to PRO and then place your ads in the Marketplace. 

Just upgraded to the Biggerpockets Pro account.  

I'm looking to purchase my first property as a live-in flip/upgrade.

Utility hookup fees - If you are building a duplex where a single family house used to be, you are likely going to have to upgrade the water and waste water taps. 

If the upgrade does neither, then it is a bad investment, unless of course they are in such disrepair that they have to be fixed, for example busted out with wood boards in their place.

If that's the case, I'd agree it probably should be upgraded.

You could go bankrupt in a month if the system fails and you do not have deep pockets (or a willing bank) to help you upgrade.