I will take a different approach for #2 option.

I know many that do this approach thus no need to season the loan or have sellers not choose your offer because it has an FHA loan attached to it. 

I bought for $750,000, and today, I own one of the last multifamily buildings in the whole of Boston and am approached constantly by Realtors who pitch a sales price of $3.5 million.

Interested to see what was the approach. 

@Dani Beit-Or Approach a 'surety' company that provides these construction related bonds and see what they say as far as bonding the lien off.

The approach I take is actually marketing to specific zips and focusing on putting the following primary filters on my list: year built 1999 and prior, purchase date 1999 and prior, purchase price/total outstanding loans/first loan amount $80,000 or less.

If you are looking for a system approach for a single unit, I'd consider looking into TenantCloud. 

Could there be a downside to this approach?  

The 20% down approach will take a few months. 

When you approach your purpose with humility and take on a guide that will help you on your path you can grow exponentially fast.