Phil and I have no experience in Real Estate other then purchasing/selling/building our primary residence.

., resident in the forums.Click on the "learn tab" at the top of the page, and you could be spending many hours on the Information that is available.Raymond

I moved into a $400 a month studio (In a very bad neighborhood) all so I could save as much money as I could, pay off all my debt and save for a down payment on not just a primary residence but investment properties too.I would absolutely continue to learn from BP, but I would also seek out personal finance blogs and podcasts to learn how to better save, scrimp and earn your way to having more money to invest in real estate.

So I will amortize a portion of the FHA UFMIP over 84 months (the portion that is attributable to the portion of the property that is my personal residence), but what about the remaining portion of the FHA UFMIP, i.e., the portion attributable to the portion of the property that is a rental?  

Nope don't think so can only work for one master.. just check and see if your commerical broker will let you do resi deals

I wasn't happy when the mortgage on my principle residence was sold to them because they forced me to raise my flood insurance to the rebuilding cost which was 2 1/2 times what I paid for the property.

Also factor in that if you sell while it is your personal residence then you would pay no tax on any profit from the sale.

There are tenants currently residing and renting the property for $1200/mo, including all utilites save water/sewer, but this rent could certainly be increased some, which it hasn't in the several years he's been renting it out.

What city in VA do you reside in?

@Ned Carey is the resident expert on tax liens and may want to weigh in here.