Usually 2-3% is what investors anticipate, anything more is a bonus.

Bonus, since i'm an agent I earned a commission on the deal! 

So I was unsure if that would play a role and should have mentioned that.   

In addition to low inventory, something else is at play here in this market, and across the country.Many people, my self include, believe we may be at the start of an increasing inflationary period in the US. 

The plan would be to have 2 separate purchase contracts with closing of the 2nd property to occur after closing the owner-occuped FHA loan. 2) I'm now trying to evaluate a commercial loan for the 2nd (or both properties), but not sure how that could play out yet.

It depends on where you are too if this is worth waiting on as in some areas (higher price point markets) the ‘bonus entitlement’/2Tier for first time users of the program can be higher.

Bonus points if you can find a house that needs some cosmetic TLC. 

I have never played the "guess what this is" game with tenants.

It's an added bonus for a property and could even make the difference between someone choosing your property over another one. 

Winter months mean higher prices because of the higher demand, but summer vacationers can be great too (except for John Candy).Rather than chasing potentially profitable deals, figure out who your target market is (an overworked Air Traffic Controller from Atlanta), figure out what they want/need, supply that, then market the property in Atlanta.When you find the property that meets those needs, the ability to rent it for less than 30 days is a bonus.