One year is a blip for an RE purchase.  

With an FHA loan, you are not going to be bringing hardly any capital to closing (compared to a conventional 4-fam purchase with 25% down).   

You could do delayed purchase financing, this would allow you to refi without the seasoning but you would only be able to pull out 80% of what you paid + 80% of your completed rehab.

We did purchase a SFH to live in as we have grown our family so we would no longer be house hacking.

Im in the process of purchasing a brick 2 unit from them.

.- Adjusted Purchase Price/ Max Bid: $210,840.80- I start with the 1% rule (thus why I start the analysis by looking at rent) and then adjust the price based on the potential pay-out from a cash-out refi and equity position on the property- more on this in a second. - Potential Investor payout (15%): $242,466 - Rehab total: $76,480.00- I just used $40/ sqft for an estimate.

. - $50k is going to be really tight. 20-25% down on a property is not $40k on a 200k purchase.

However, after years of disciplined saving, I've finally reached a point where I can make my first property (a small apartment) purchase last year.

If you're looking for somewhere fairly safe and consistent to store cash, land purchases in this area could be a good option.

@Tim Kaminski, Using the 1031 exchange will allow you to exit your older Pinellas properties and purchase newer properties elswhere that are not as big a risk from capital expense or natural disaster.