I’ve heard many say not to bother hiring an accountant/large firm for tax prep or planning until you have some investment properties or completed some deals.

However if you plan on buying 3-4units, there is a trigger rule for FHA, it is called the self sufficiency test.

Locking this piece of property down might pencil depending your long term plans.

Even this in long run https://www.coachcarson.com/short-term-buy-and-hold-plan-buy...

Of course, I'm dumbing this down but it's focused on the gist here.Now, I planned on going long term buy and hold in a student housing market with SFH around the $100-150k mark.

If the SF's homes work out as planned just 10 homes @ $600/mth in month 61 will be producing $6,000/mth cashflow with NO maintenance / landlord issues except evictions if tenant buyers don't pay. 50 homes $30,000/mth.

I plan to leverage an FHA loan to kick off my long term rental portfolio. 

I was planning to rent out the extra rooms in the unit I am occupying.

The insurance replacement cost of $236K might be a bit overkill unless you're planning on burning the place down (just kidding!).

That's what I plan to do after my rehab is completed next week on my 2nd rental property.