As far as some general criteria/thoughts:- My workplace is in the Cobb/Vinings area and I would ideally like to be a < 30 min drive to work (though I don't mind if its up to 1 hour away since that is my current commute)- I'm interested in using a FHA loan to put ~5% of a down payment (3.5% down pmt + 1.75% upfront mortgage insurance premium)- My target all-in purchase price range is between 200k - 400k - I would prefer to live in a 'A' or 'B' class property that I could rent another unit to a young or established professional/college or grad student- Just from discussion with my friends, a lot of them seem to dig living in areas like Midtown, Buckhead, Virginia Highlands, Brookhaven, Lindbergh.. how feasible would it be for me to househack in any of those areas and expect to generate a decent return in the future once I move out and rent out my unit?

@James Carlson and others:I'm in a similar situation to OP, and wondering how to justify a low offer when I'm working with a realtor - obviously they would prefer me to offer higher and close faster. 

I would prefer to do the former rather than the latter haha Thanks again for giving me some insight! 

They would then  give you 79.8k ( 70 % of the appraised value which was 114k) You take that 79.8k and pay off the 32,000 seller financed loan which would leave you 47k to do this process again and still possibly having this cash flowing asset?

With my prior experience in both traditional commercial lending, government programs, and tax incentive programs (TIF financing, LIHTC financing, and NMTC financing) I hope to be able to add value to other members while also structuring several deals and manage assets.  

Norfolk class C assets can have maintenance costs that dramatically vary year to year.

I lose the asset but gain the overage.

I am leaning towards 1 mil in liability insurance and 2 mil in umbrella as my rental asset is worth about 250k.

Asset protection is key concept that I picked up from Rich Dad Poor Dad book "Unfair Advantage" by Rober Kiyosaki, and my limited understanding tells me that I should have an LLC to protect my personal assets from the property, that is a cool $800/ year here in California.

Thanks for the recap as it has been a bit since I read it and I have starting to buy liabilities and not assets!