She handles more complex RE transactions than what I needed this summer, which was reworking my lease agreements etc. 

One of our neighbors is a beautiful two-story Victorian home (maybe worth $700k) and our other neighbor is a six-unit apartment complex. 

FHA has a non-owner occupied product for larger complex's (minimum loan amount $1M)We are in an FHA loan on a 31 unit in Arizona.It is 80%LTV.35 year fixed rate (at 3.5% + PMI)35 year term....

Given the description of work noted above it sounds like quite a bit of work to perform.What many in these forums do not understand is that the building codes have become very complex and do so in every new code cycle.  

However,  I have already met with the building inspector in town and he agreed that I can put a 12 unit apartment complex on the property.  

Small apartment complexes...

Big apartment complexes, like airlines, hotels and car rental companies, change rents every day based on demand forecasts. 

11-unit apartment complex, grade C-, $260,000 asking price and it should cash flow $1100 per month (allowing 10% maintenance and 10% vacancy) on a 15 year loan, PLUS the mortgage gets paid down $1000 per month.

I understand that the value of in apartment complex is based on the NOI.

If you cant prove the foreclosure was inside the BK then with FHA you'll need to wait 3 years from the date of the foreclosure.This is a bit complex so hopefully that wasnt too much info.