Most banks will require a 6 month "seasoning" period with a new loan where you can't take out a new loan on the same property. 

It's just like a car that sits for long periods of time. 

Explain what your goals are with this, how much you would profit over even just a 2 year period.

So if my tenant cannot pay their rent for an extended period of time, why should I be forced to stay in an unhealthy relationship? 

You can 100% use an FHA loan for a duplex (or any property that is 4 units or less) as long as the borrower promises to live in one of the units for a period of time (1 year I think?).

That's what the inspection period is for, and my REA knew ahead of time what I wanted. 

I simply wanted to start a dialogue about what others are thinking in case we encounter a deflationary period and how fellow RE investors will respond. 

It is set up to measure average cost over a two year period to account for a typical tenancy duration. 

Google says Michigan has a one year right of redemption.In Texas, we have a two year redemption period.

You indicate that you have moved out of the house so you could rent it out for a period of time to prove that you had the intent to convert and hold for rental purposes and then later sell and qualify for the 1031 Exchange.