@Mehgan MooreI'd probably pull as much out as I could with still maintaining a solid $200/mo or so cashflow.

Avoiding pitfalls: Find a niche that you suites both your skill set and your mindset.With our strong diy renovation skills, we look for value add properties that have been decently maintained but need updating, and where we can still get a good deal.

The good thing about being an agent is that if you maintain a relationship with the buyer, you can possibly list their property when they rehab and rent/sell it.

I think if you're going to be in a partnership in REI it takes character and humility to work effectively with other people, just like any other relationship.With that being said I am branching out to take down some deals on my own, but I also maintain my relationship with the investment group and do deals with them.

So after a year and being able to move out would you then recommend to move out and maintain the same FHA loan or to try for a refinance into a conventional in order to lower expenses even more?

I learned how to maintain it properly.

Lets say a tenant gets stung by a bee while maintaining the garden, could I be held liable? 

Aside from that, it looks like it's in good shape and has been well maintained!

Lots of questions before a qualified answer can be given.HOA's in Arizona are common and in many cases very good at maintaining nice clean properties in a conforming way.

I'm betting that the spread maintains itself longer than I want to wait, as fixed income investors currently want to lock in safety and the MBSes already traded on the market are going to be faced with substantial refi prepayments (which no new MBS buyers would want to receive right now, without a place to reinvest the proceeds).