The basis FHA loan that most folks mean when they discuss and FHA loan is for owner occupants ONLY.  

Although just north of you, around Powell and Cody, there have been cutbacks on legacy enhanced oil production.As you are probably aware @Jerry W., the price of natural gas hasn't improved much since early 2009.

It's written for residential owner-occupants but it really has a few thoughts that are  good advice for investors as well!

Rents and occupancy are up but the trailing income hasn't caught up to current performance yet and I still have about 20% of the units left to upgrade.

Furnished or unfurnished depends on  your area and length of occupancy.

If I showed a property and had not cleared it with the occupant a whole myriad of problems could occur the would demonstrate a serious lack of professionalism.

All of this after we made it through he eviction proceedings and won - still no victory until the occupant is gone.

Consult your accountant, but generally, yes there are tax advantages. if you live in a property owner occupied for 2 of last 5 yr there are federal income tax exemptions on gains based on occupancy.

One thing i'll add, since you mentioned wanting to hold onto condo #2 as a rental, would be to look into the possibility of getting into a duplex as an owner-occupant.

Home buyers (occupants) will often add a 30 year conventional, they may add a rate and point limitations.