An elderly resident managed to set two fires within the course of a weekend. 

@Jordan Bochner The short answer is, Yes you can own a rental property and use FHA to buy a primary residence.

My plan to getting started is to buying a single family house 4-6 bedrooms for around 200-300k  and renting out each bedroom for around 600 a month the area I'm looking to invest in has 2 major university's and 1 major collage so id be looking to rent to students , I do not have enough money to put down a conventional 20% down payment for an investment property so id have to put down 5-10 percent down with Mortgage insurance and put it as my primary residence but realistically I wouldn't be living there. 

Buy a car wash or put piles in a storage unit are two options.

No deals, no extra payments (because you haven't used the line).You only want to increase your debt in a primary residence in two cases. 1) You make more money than it costs you.

I received a citation on a property I have with a Rent to Own Resident.

Then, once each rental is done this way and applied to income or debt, they are going calculate your DTI and qualify or deny you based on the DTI requirements of that particular loan program (28%, 30%, 35%, 40%, 60+% back in 2005, whatever).The above underwriting method is know as "washing" the debt of each rental property with its income.Another way that they do it is they simply take the PITI of each property straight to the debt, and the rental income from each property straight to the income (usually also reduced to 75%); rather than washing it first.It is advantageous to the borrower's qualifications to "wash" the PITI with the rental income and then apply the remainder, whether positive or negative, to income or debt. 

We occupied it as a primary residence two out of the past five years.We can command strong rents and have a very healthy tenant pool.Some numbers: Based on the comps, I believe we could sell for north of 200k (let's say 210k for the sake of math)We purchased the property for 130k and currently owe 117kThe mortgage, all in (PMI included) is about $970The rent is currently $1625/month (now on month to month)Our strategy is really buy and hold.

Currently have very little experience with real estate investing (we bought a primary residence last year) but my wife and I are working together to become better connected and better educated. 

I'm a real estate agent that works with clients in Denver metro (where I live) and Colorado Springs metro (where I grew up and my family still resides.)