But you will need to qualify.

However, I can't help but wonder... assuming that the property condition qualifies for the FHA in teh first place, what does it look like if a unit of the property is undergoing major renovations that require the owner to live elsewhere until the repairs are finished? 

YES   1)  there are  cash out  refinance  1st mtg  options  ( assuming your loan to value  qualifies )  2) there are some HELOC  lenders that will offer  HELOCS  on rentals  

@Jessica Huynh On 3-4 unit buildings you are able to use leases toward qualifying income to count toward the amount you must have.

Hello,
My husband and I have been working on a business plan and are working with an SBA business advisor to get prepare it for a loan application. I know they look at your full financial situation but but do they ba...

Hello,
My husband and I have been working on a business plan and are working with an SBA business advisor to get prepare it for a loan application. I know they look at your full financial situation but but do they ba...

Property has to be held in an LLC These qualifiers are to protect everyone involved and keep the wheels turning.

Hi Eric,So you dont have cash, you are not qualified to get regular loan, so most hard money lenders will ask you to put some money down, so it is not an option either really.You should try wholesaling or try to get subject to deals

You would be able to qualify for a lower downpayment amount and lower interest rate if someone on the loan is occupying the property.

They do require experience - I think you need to have at least 3 experience points to qualify if I remember right (rental properties owned or fix and flips completed in the last 3 years).