There are a few other negatives about FHA that you're not considering:Lots of extra paperwork with a FHA loan.Contractors must be approved by HUD to do the work, so that limits who you can hire.

Not sure how it works in Virginia, but here in Florida to make an offer on a short sale, you typically have to give the seller 60-90 days from contract acceptance to seek bank approval. 

I'm not going out and buying a new car with my loan, but beyond that, I'm not terribly worried about it.How much were you approved for? 

As a property manager, our maintenance staff is trained to say "put in a work order...I can't do anything until the manager and owner approve it".

But make certain you have the SOR/WWU from the HUD approved FHA 203k Consultant first, prior to getting any contractor to submit a proposal, because the contractor proposal needs to be based on the Consultant's report. 

When I wrote my post, I was assuming @Tyshawn Best will be approved to refinance without including any new rental income.

Approval for 35+ townhomes on the property from Dekalb county in 2011, open to reduced density as the area has changed in the last decade.

But when I mentioned to the rep helping me that I might use some of the HELOC funds to invest in other properties, she advised me to not put that in my application because I wouldn’t be approved.

My landlord owes $350,000 on a 2 bedroom townhome in the Bay Area (estimated value $830,000).Based on my current downpayment, and ideal monthly payment, my lender has pre-approved me for $700,000 at this time.

Get pre-approved with a lender first sir.