That FHA you may have is nice, it can allow you to get a 3.5% down on residential.

I live in Virginia as well, so I am very curious if this is something that would be allowed.

If payment does not hit your bank on the 1st, you will issue a 3 day pay or quit or whatever your state allows and that will allow you to start the ball rolling sooner on eviction if they do not get rent paid by the end of the grace period.  

This also allows me to save anywhere from $1000-$2000 (more often $2k) each month to put towards my next investment property.  

It allows you to stage the rehabs while also increasing the rent and thus your NOI.

Even if you pay off your current FHA Loan the FHA unfortunately does not allow you to own property with 100 miles of the next property you use an FHA loan on.    

@Tom Ott That doesn't really make sense... if it was against state law why would cities allow you to do it?

3) How do I find Private Lenders in Montana, or who can legally lend in this state from their state, and who allow the property as the collateral, who also allow wraps, with them (Lenders) in the 1st position?

This could allow you to repeat the process and grow you holdings faster. 

But in the end, it pays off, and allows you to be a part of a neighborhood's renaissance, which is rewarding both financially, and personally.