If you have a primary residence pay it off and take a heloc. 

Also, would purchasing an out of state rental property eliminate my option to be approved for an FHA loan on a primary residence in LA later on?

I could move into a property that looks like a good deal (either in SF or the Easy Bay) and secure an FHA for 3.5% down by virtue of living in the property as my primary, rent out additional rooms, and essentially function as the property manager.

Purchase 125K plus 25K repairsWould sell now ~215-220KOwe 85K - 5% rate used HELOC from primary home Rent $1550-1600/moHOA $275/moinsurance $200/mo includes flood policy $600/yearRE taxes $200/moManagement $155/mo

You refinance the current primary property into a conventional loan. 

Purchase price: $149,900 Cash invested: $3,000 We turned our long-time primary residence into a rental property.

I own a farm as a primary residence in norwood, ontario that my wife and I are hoping will be our forever home.

If you're in year 29 it's less likely than year 25 or less, but run the numbers to check.also refi, as long as it's primary res and loan bal isn't over the recent tax change limit then interest should still be deductible. 

Your goals and story: Looking at purchasing a primary residence - not profit generating.

Basically it means you have to have a net worth of $1 million (minus your primary residence) or make $200,000 a year for the past two years.All well and good.