But if you are looking to refi instead of sell as an exit strategy you will want to know who will be lending you the cash to take out the hard money lender.When dealing with 1-4 units you will be most likely getting a personal (conventional) mortgage so good credit is a must for the most part. 

Their timeline (NACA) is prob 6-12 months which is too slow for many people but sounds like a potentially good fit for you.If you are paying rent on top of your student loan debt, employed, and have ok credit, you should be able to qualify for an owner occupied duplex with NACA.

The bank will consider all income, all expenses and your credit report.

Just curious, if you have a good job/decent credit score, why even look @ FHA?

If you are building a new home on a lot that previously had a home they would credit back the impact fees reducing the cost.

In addition, I would only do it with a lease for market rent, with a full rent credit for the first x months, under condition you remain owner.

What you need to do is work with a Mortgage Broker who is also an experienced Investor, Landlord and who also has good credit.  

No interest credit card for 16 months?  

Looking to obtain a business line of credit. 

Laurie, HELOC (Home Equity Line Of Credit).