If it's your first buy and you want to utilize an FHA you should be looking on-market with an agent where you can do full inspections and can have any FHA anomalies corrected.

I was able to utilize this program (not as a house hack) to get into my primary residence. 

You also budget for utilities that the land lord pays, and you will want to know how the building is metered (who pays for utilities). 

I ultimately want to utilize BRRRR as my vehicle, but I have very little of my own money. 

Also, when receiving rent, apply it to special charges and utilities first.

I’ll definitely meet with Finance and the JAG for their take on it but figured that there might have been a few who have actually done this and were either successful or shot down and could share.But I agree, the additional interactions with Finance alone probably makes it not worth it... just kidding, we know it’s a thankless job so thank you to all the Finance troops out there!

That's not much time to turn a unit around, collect utility bills, or whatever else.

HOA is $180 per month (would be paid by me), but all other utilities are covered by the tenant.

Here's an updated review of our current financial results: Purchase price: $95,000Closing purchase costs: $8,000Rehab costs: $41,000Holding costs (interest, utilities, taxes, etc): $5,000TOTAL COSTS: $149,000Target After Repair Value (ARV): $215,000For rehab, while we will do some of the work ourselves, ideally we are outsourcing all of this to contractors so that we can focus on the business side of the project.But we have to have some fun ourselves! 

The properties you are likely seeing in these markets usually do not have separately metered utilities.