If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

High Rent!!!

If anyone is considering doing a FHA loan on a 3-4 unit property, especially in a high cost area, feel free to reach out to me for feedback/discussion as I just went through the real school of hard knocks, but came out with a great cash flowing property!

At a high level, the IRS calls flipping houses an "operating" or "active" business.

So if you collect 1500 in rent for a property then your max loan payment can be $1,363/month.I wouldn't take my debt level that high, if it was me. 

I live in a resort town, with a lot of second homes, so the market price for an average home is already pretty high.

There are a few questions I have as my income isn't high and I know it might be hard to get a loan for a house but I do have enough capital raised for a down payment (15k).

We could lower the price for a higher interest rate, whatever you want to do".With that said, I think he knows his ask is far too high.

Correct this is a very niche industry that is high risk high reward. 

I point out it is not only the number of units, but the quality of units.Good luck