Welcome to BP @Patrick Gutierrez Have you already read the Ultimate Beginner's Guide?

I'd also recommend grabbing a cup of coffee and reading through BP's Ultimate Beginner's Guide to REI as there's some great info in there for those starting out.

Do I want to buy the house for more that $450,000 (if I'm given the choice) so that when I sell it and there's a gain I won't get nailed in taxes? 

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

If they are down to drop PMI without refinancing, and you are given the choice between paying for a cheap BPO or drive by appraisal, and a more expensive full appraisal, to confirm your equity position, pay for the full actual appraisal.

We can still fund a deal with this type of structure although the funding fee increases, That is why #1 and #2 are preferable choices.

Where FHA deals can be more difficult, I am having trouble understanding how that alone is preventing your offers from being accepted and, where inventory is very low right now, suspect the $100k approval is what is limiting your choices most of all. 

Ultimately whether you buy a home or a rental investment comes down to the fundamentals of renting vs. buying in your personal life. 

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

So I guess when all is said and done, I have yet to decide if multifamily is ultimately better (or more profitable) than SFR.