A conventional loan will require tax returns so your best bet is to stick with a commercial/portfolio loan.

Thanks @Lauren,So they come up with the Total amount for the property and then divide that up into how many units there are. 

Total cost for that particular side is $3k which means we'd split it - $1500 each.

The HS loan allows you to finance all rehab monies needed into one loan and your downpayment is based on the total price of the home (purchase price + rehab budget).

@Hunter Peterson I totally get the SFR desire but if you plan on moving on within a year or two I think the duplex would be ideal.

For a small percentage of the total rent, most companies are able to find you a tenant within the first month of contract.

About $3-4k total.)

Here are some preliminary numbers I ran: 260K FHA no repairs and current rents on left, 300K 203K, reno and higher rents on right: % Down Payment 5.00% 5.00% Down Payment $13,000 $15,000 Remainder of closing costs $3,000.00 $3,000.00 Total Due at Signing $16,000 $18,000            Mortgage Rate 4.60% 4.60% Length of Mortgage in years 30 30 Monthly Mortgage payment $1,266.00 $1,461.00 Taxes $386.00 $445.00 Sewer and Water $50.00 $50.00 Trash $50.00 $50.00 Heat/Utilities $ - $ - PMI $ 180.00 $ 208.00 Cap Ex and Ops $200.00 $200.00 Insurance $65.00 $75.00 Mgmt Fee $165.00 $165.00 Vacancy $132.00 $132.00 Total Expenses $2,494.00 $2,786.00     Unit 1 $500.00 $700.00 Unit 2 $900.00 $1,100.00     Total Revenue $1,400.00 $1,800.00     Cashflow/month ($1,094.00) ($986.00) Cashflow/year ($13,128.00) ($11,832.00) Cash on Cash Return -8.42% -6.57% I have not talked with the seller in detail yet, as I want to see if this is worth a deeper dive first. 

When I sold it, paying off that loan, dropping my total debt, lowering my debt to income ratio, moving from 2 mortgages to 1, only increased my credit score by 1 point.I will NEVER under how credit scores work, but I know they affect chances of getting a mortgage and interest rates you can get.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.