Dodd frank pretty much screwed up this strategy .

They're going to cost a pretty good chunk of change, but it'll probably be less than the rent you lose in the long run.  

You should just be aware that the extra $500 each month can get eaten up pretty quickly with expenses especially on a 4-plex.

Seems like a pretty decent deal. 

Pretty difficult to do both a comprehensive overview and an in-depth look at investment strategy.

No doubt, it's a risk tho..Naturally I would much prefer something with less overhead that performs well, and I'm willing to buy my way into an established market, but then I'm starting from scratch, and frankly despite having some reasonable tools at my discretion I don't really know how to data mine the entire US.Now that the dust is starting to settle after years of being in the trenches with this duplex, it's clear to really make money with this you have to have a portfolio, as I read in an article from this site, 1 or 2 rentals ain't gonna do it.

I have an opportunity to purchase a warehouse that looks pretty strong based on the numbers and rent roll I've been given by the current owner.

You can invest in a good or bad two family in RI or Mass equally, but having a a 20 minute vs. 1 hour daily commute, or being able to see family multiple times a week vs once or twice a month can be pretty important.So I would say choose between those areas first, then when you're ready to start analyzing specific properties to see if you want to put offers in on any of them, there are a lot of resources here on Bigger Pockets for learning to analyze properties, such as the rental property buy and hold calculator.I don't do a lot of owner occupied purchases for myself at this point so the Conventional 97 is new to me also (and has only been around since Dec 2014) but it looks like there are many pages comparing it to FHA so I'd recommend just spending the time to research the differences a bit.You'd want to make sure that if you use a mortgage broker s/he is licensed in RI and Mass (if you still haven't decided between the two), and I'd say to make sure when you are comparing the two options that you consider all the monthly costs (e.g., including private mortgage insurance payments in addition to the regular monthly principal/interest payment) and that you consider all the up-front costs.

In many cases with an inherited IRA, the amount you will need to distribute to yourself will be pretty small.

@Jason DiClemente I think that's a pretty reasonable time table.