Go FHA and use that home as my current address, while essentially going back and forth between the two homes (risky, but I do work form home so this is doable).

Nicky,I just bought a house here in Colorado and the list of information and paperwork that the lender required was quite extensive.My position was unique however since I did not live in the US at the time (and had not lived in the US for 26 years).They checked my credit, my work history, wanted 2 years of tax returns, pay stubs for the last two months from my job.

By the time you add depreciation in, you're essentially showing little to no profit at all on your rentals based on those numbers.   

I'm pretty conservative toward real estate, but I've been wondering if I should essentially "spread out" my equity, at least into one more property -- maybe another duplex. 

But if you are eligible for a cash out refi already, then aren't you essentially paying fees for two loans?

You're essentially charging people to live in RV parking.

The bank loaned ya good money, and if inflation takes a run, you still only owe the bank what was loaned, but you are essentially returning a  bad dollar.

My question is this, When  I call her to get more info on what exactly it is that she is looking for, what questions are essential to ask her to better assist her in finding the right property?

Without understanding those two items, finding buyers and sellers as well as understanding the mechanics of the deal are essentially useless.

I'm sure they don't teach underwriting.They probably touch on the paper work shuffle, that's easy.Lets hear the subject matter, not the secrets as there aren't any, from  those who think they learned something.And saying teach you how to have more credibility with hedge funds, horsefeathers, I can tell a monkey how not to stick their foot in their mouth, the lingo, the requirements and pump some hourly paid administrator.