Good info here, but wanted to add if your building is on higher ground, research the process for a LOMA, letter of map amendment, that may change your status.  

My wife and I are currently in the underwriting phase of a 203k loan for our first rental property which will be a duplex in the Cape May, NJ area (08204).

My wife and I are currently in the underwriting phase of a 203k loan for our first rental property which will be a duplex in the Cape May, NJ area (08204).

I've pretty much taken the leap and am committed to either build my plane on the way down or hit the ground running. 

I'm still pretty new in my "research areas" phase of getting into the real estate world but I would also take a look at some jobs in the area.

I'm working to get my first property off the ground.

When you start talking ground up construction, those rates as well as deal structures change quite a bit. 

That means that you can't possibly have termite activity in the 2nd floor without evidence of some kind where the building meets the ground. 

Does anyone know if a new 4-Unit out-of-the-ground quad of attached 2-story townhomes qualify under FHA's Construction-Permanent program if my wife and I owned the 4-unit quad building and occupied one of the townhomes?

Looks to have been a homeowner project gone horribly wrong; the slab sits approximately 6" above the ground and is very rough/uneven.