If I wanted to build an owner occupied 4-plex on land which I could subdivide and build multiple units (4-plexes) would I be able to live in a unit for 1-2 years, refinance to a conventional loan, and apply for another FHA loan with 3.5% down to build a second 4-Plex to live in for another year or two?

i love how you applied the same principles to the math but used smaller numbers, that's great for any newbie.  

To the OP, it may not apply in your situation but for anyone reading who has turned a primary residence into a rental property as I did, I have been able to use my former neighbors for things like taking possession of keys.

You may charge for damages caused by the animal, but since it is not a 'pet', a pet addendum doesn't apply.

If I were to purchase a home as a primary residence and live in it for only about a year or two, would I apply the 1% rule to the original amount I purchased the house for or the amount left on the mortgage?

Hi @Travis Evenson, you can have the bank use the rent income from a property you're interested in to apply to your "income," this will lower the debt to income.

Assuming her references check out, if she were applying to your property, would you accept or reject her based on the above information?

My 2 cents. 5% applied to a property with 100% equity = 5% applied to the same property with no equity = 5% applied to the same property with equity somewhere between 0 - 100%.5% applied to higher total property value > 5% applied to a lower total property valueCompounding through leverage increases total property value.So yes, you're correct when you say "math ...works".Have high enough cash flow with or without leverage, and vacancies, etc...are covered.

I've never applied for a HELOC before, but have 2 questions:1. 

I'm currently searching for any employment where I can apply this newfound passion and learn from someone more experienced than myself.