would an FHA loan give me any additional incentives as a first time home buyer rather than a normal mortgage?

In addition, I informed her that I would be using Smart Move to run a background check and credit check.  

Because of your credit score and desire to borrow additional money for repairs/renovations you would want to use an FHA 203k loan, as you already know.

Will I be needing any additional forms for this as how can the owner sign a lease option if I or my buyer doesn't even own the property yet?

Check out MeetUp.com for additional investor meetings.

I'd in addition to reading, you'd want to surround yourself with like-minded investors by finding the local REI clubs via meetup site.

We are now looking for additional smaller cabins becise we feel we are missing the market for 2-6 people cabins.

@Elizabeth Roncevic In addition to using BP, I suggest you register on meetup site and search for local REI clubs that way.

I agree with others about using receipts as additional support in case of the audit but QB should provide you almost everything you need to file taxes and to analyze your business.

@Cameron Belknap FHA loan rules in HUD 4000.1 mention not counting the basement as part of the Gross Living Area; however, part of the FHA requirements found in HUD 4000.1 includes a section on “converted spaces” which states:“The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space…is accessible from the interior of the main dwelling in a functional manner; has a permanent and sufficient heat source… and was built in keeping with the design, appeal, and quality of construction of the main dwelling.”Furthermore,“The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space.