There are other FHA requirements concerning which you should contact your local lender, but determining whether or not a triplex or fourplex meets the self-sufficiency rule is a good place to start as this rule will immediately eliminate many properties from your search, especially in expensive markets like ours.

There are many that will invest in different types of REITS and Debt instruments.

With a portfolio lender, they will be looking at the DSCR, and any payments in a second position mortgage will be included in the DSCR calculation; plus, the debt obligation to the second will be used in computing any DTI.

One angle I sometimes take is to explain to them all the additional expenses we, as new owners, will have as opposed to them who do much of the work themselves as well as debt service.Try to build a good rapport with your Sellers and find out if they won't come down on price if they will do owner financing and offer terms.  

If what you are paying in debt service is lower than your NOI, then you are in the black and not paying too much for the property.

The owner occupant was moving out so the rent each month was just $650- barely covering debt and expenses.

There is no debt on it.  

Strapped with student loan debt and fewer job prospects, it is harder.  

If you intend to continue to guaranty the debt after the transfer, I am sure the servicer will help you get approval for the transfer.

So long as you are not pledging a personal guarantee - and thereby providing the lender additional recourse in the event of a default by pledging your personal assets as security for the IRA's debt - then the source of the loan does not matter.Most private lending transactions, especially owner-financed notes, are non-recourse in nature.