None of that is true, at all (I could go over why Realtors believe that, it involves both self-selection bias and confirmation bias acting together, but that's not strictly relevant to your question), but that listing agent believes it's true, and will advise their seller client to throw your FHA offer in the trash, if they have any other options at all in terms of which offer to accept, which is very probable in this market... because, guess what, all your competing buyers also have Realtors, and they too are advising their clients to use conventional rather than FHA.

Here’s the monthly income and expenses:Unit 1 (1/1) - $800 (Yearly Lease, legacy from purchase)Unit 2 (2/1) - $1200 (6-Month Lease)Unit 3 (1/1) - $900 (Yearly Lease, up from $700 at purchase) Total Income - $2900Mortgage P&I - $1076Homeowner's - $157PMI - $182Property Taxes - $183Water - $86Internet - $60 (needed for security cameras)Gas - $103Garbage - $42Landscaping - $47Total Expenses - $1922Cash Flow - $978Going forward, I’ll be using a cash reserve to handle any vacancy, CapEx, and maintenance costs.

We have a close relationship to most of our zoning enforcement people and one thing we were told is that they have no way to prove that we're using it for more than that unless we have the calendar open with reservations booked.Hopefully this is a creative solution to the issue.

If you are using this property as a rental for tax purposes, you should ALWAYS claim depreciation, because whether or not you claim it on your taxes, it WILL be recaptured on the sale of the property.Hopefully a tax professional will confirm my understanding.

In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

Which open you up to an aggressive purchasing power and a strong PITI reserve required my most lenders.

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From what you stated I would probably go the 4-5% down route to keep more cash in your pocket for future opportunities (and reserves).

Most of the money is still building up my reserves.

Think 25% down on 1 million plus.250k down payment 25k in closing cost Plus reserves Depending on lender requirements and the purchase price you are going to need 300k+ to move on something this large.