Turns out that the guidelines are SUPER stringent.

Please see guidelines from FNMA website:-The financed property limit applies to the number of one- to four-unit residential properties where the borrower is personally obligated on the mortgage(s);applies to the total number of properties financed, not to the number of mortgages on the property or the number of mortgages sold to Fannie Mae;includes the borrower’s principal residence if it is financed; andis cumulative for all borrowers (though jointly financed properties are only counted once).The following property types are not subject to these limitations, even if the borrower is personally obligated on a mortgage on the property: commercial real estate,multifamily property consisting of more than four units,ownership in a timeshare,ownership of a vacant lot (residential or commercial), orownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).I would say from my experience if your property is zoned residential, whether its in llc or corp, you have always opportunity to refinance as conventional loan so that will be count in  your 10 finance property. 

The only guideline is that you cannot have more than one outstanding FHA loan with a loan to value of higher than 75%.

If they will finance that, that would be best.Your estate attorney I'd bet can do this for you.

Nice one by St. luke's for around 100K rents around 1600 i bet.

Calling the bank is not going to get you very far since they are bound by confidentiality guidelines and will not take favorably to some Joe questioning their ability to pre-approve a candidate.

Prudent lending practices, not just secondary market guidelines, require lease-options with rent credits allowed to be viewed in light of fair market rents being assessed and only amounts paid in excess of fair market rents be credited for financing purposes.While you can agree to rents of $500 per month and credit say $200 toward the purchase, lenders won't accept the credit unless the fair market rents is assessed at $300 a month or less.So, what you have with agreements drafted in such a manner are two parties who agree to a credit thinking that $200 is being credited, say for 24 months allowing $4,800 toward the purchase price of say a $50,000 house.

You have great writing skills - you should start a landlord blog - I bet you've got dozens of stories.BTW, I just saw that Forbes list the other day - yep, Stockton was still on it lol!

Unless you're buying in downtown SLC I think 3/2 houses are your best bet.

I can also see continued education required.Place your bets!