I have two options...technically 3;-A- Continue to pay $300/month (not really an option, lol)?

By the way, technically you could also open a separate LLC for each property and still only use one checking account and registered agent.

I suppose technically it's a detail open for negotiation, but an EMD has, you know, "money" in the name of it for a reason. 

@Ty M Kuntz We structure purchase money mortgages...pretty standard terms, but very fair to sellers...it's a pretty easy formula...when you can locate an income property owner without a lien who wants to stay in the cash flow, they extend a note and mortgage (act as the bank)...it's more technical than that, but for basics it's really that simple.Deals can come from anywhere, but high equity owners always have more negotiating ability...we've structured these for MLS-listed properties as well as off-market...Let me know if you have any specific questions

@Franklin Bird TECHNICALLY the types of loans are different and the process is different.

I think technically anyone, even me, could fill out and file the deed with the county clerk but probably makes sense to involve a title company in the closing.I will after closing be taking out a HML on the property for renovations so there will likely be another title search done, etc.

I have not priced one out for a client in a couple months but I would suggest that you assume the rate to be about .5% more than a traditional FHA, and assume around $1000-$2000 more in closing costs, which will depend on the rehab budget.Another consideration is that sellers see the 203K loan as a negative when you make offers such that your offer will have the lowest priority even if you offer a great price, unless you are offering on a property that will not qualify for non-rehab financing, or you are the only offer and therefore not competing against other financing types.To answer your other questionsTechnically FHA does not require you to get contractors to do the work, however, I say this ONLY because if you look up the guideline I want you to know of this technically and not discount my other advice. 

It's not at all difficult from a technical point of view, nothing that can't be learned well enough by practically anyone by watching a few YouTube videos.Additional materials costs are maybe $10 for the rockwool insulation to insulate old window weight pockets, a can of Great Stuff Window and Door foam ($6), and a 10 oz. tube of silicone caulk ($6).This is pretty much what the window replacement companies will charge you $550 and up for, with the addition of what's called window wrapping from the exterior, leaving the exterior trim of your window with vinyl covered aluminum trim coil pieces that they tell you will make your windows "maintenance free."

@Blake Charles garrick you just need to raise your credit score to 600, though technically fHa mo longer require a min credit score, I have an FHA file now with 595, banks use an automatic underwriting system so you might get approved below 600 if you have reserves. 

Especially if it's technically costing you money to not be able to raise the rents up to or at least close to market rates.