I am investing in REI for my families future and have absolutely no intent of looking to "get rich quick", replace a job, or use father time as an excuse to make hasty decisions and potentially leveraging myself too far.

Can I still assume an FHA loan if I’m not a first time home buyer?

Hi David, be sure to conduct thorough due diligence on the property and evaluate its investment potential before proceeding with any financing arrangement.

I could probably sell for 850-900k), but realize that there is a greater profit potential.

Selecting areas: Look for neighborhoods with high growth potential, amenities, and public transit when choosing places for house hacking, especially in big cities like NYC.

If you've got the backbone to hold up to any challenges this situation might bring about, you could potentially get a pretty good deal on the house. 

So, the even if the rent does not cover the debt service you can still potentially qualify. 

@Sumit Kaul- Can't really speak to that market in particular but ways to estimate the potential rent include rentometer.com, zillow.com (rent zestimate), and look on craigslist.org.  

usually the problem is when a seller wants to do a 1031 but the buyer wants seller financing.

We get calls all the time from people that claim to be investors wanting to buy one of our properties (including some we sold more than a year ago - shows how accurate some of the pay lists actually are) and when pressed, it is clear they are fishing for deals to wholesale without having buyers lined up.