We are looking for a str within to 100 miles to invest and use for some weekends.

I also maintain a historic 500,000 square foot high rise on the Mag Mile, as well as run my repair company with my wife.

FHA will not insure a Mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining Investment Properties, even if the Property to be insured will be the only one owned using FHA mortgage insurance.”The FHA loan exceptions to this policy include (but may not be limited to) the following:“A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA-insured Mortgage if the Borrower is:relocating or has relocated for an employment-related reason; andestablishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.

It’s a in a more ruala part of my area being 3 miles outside the city limits.

I live in the Plaza Mid wood area and we have 3/2 and 2/1 homes within a mile with little to no renovation going for 400-500k

Some site have zones of contaminated groundwater that extends for a mile.

I start off with about a 1 mile radius, but also consider out to maybe 3 miles.

Appraiser did not use the comps (listed above) but used 6 other comps, from a neighborhood a half mile away. 

I can not find a really good comp or the exact market value, as this is the only 4plex within a few miles.

Ususally I try to live in the rehab but this one will be a "to the stud" remodel.I think this is important to share how I overcame this challenge:I live 100 miles away from my market area so back and forth commute was not feasible.