Side note I am planning on investing in Texas or NC but I don't live there currently.Thanks in advance

I plan on keeping this house as a buy and hold as well as buying several more properties in the future. 

Lower down payment requirements but you have to live in the property for a year, no big deal if you plan on house hacking for FHA.

They may have suggestions or a plan on when to contact the State.

The quickest way to see what you can do is to go talk to an architect/engineer and run your plan by them.

What I'd do is Airbnb it the popular months from late spring to early fall and then plan to get a medium-term renter in there for the remaining four months. 

It has extra land where we plan add another 1-3 rental units.

Taking off of work and having over a thousand in travel expenses without a guaranteed win did not seem worth it.I talked to the credit agency and it turns out this will ding my credit for the next 7 years even though the debt is fully paid off.

This is what I plan on doing. 

We plan to fix up each unit as they open up and raise rents to market.