Obviously it's your property, so you can set the rules. 

As a tax-sheltered vehicle, however, there are strict rules against self-dealing or personal benefit. 

No one has put together such a list that I’ve been able to capture, too many counties in the u.s. with each having their own rules, and ever evolving.

Maybe yes you will, maybe no you won't but it's their money and their rules.

Do your self a favor and make sure you set the rules with the tenants or they will drive you crazy.

The advantage here is obviously you aren't breaking any FHA rules, and you can hopefully recoup most of your down payment or investors down payment back if you run the numbers right.  

That's edging in on the 2% rule and those tend to be in less desirable areas. 2) Would the tenants be paying water/sewer? 

Understand A/B/C class neighborhoods and what we want to invest inCheck safety/crime, schools, things to doCheck if state is landlord friendly or tenant friendlyCheck regulations within each stateCheck if properties fit 1% rule and run analysis on numbersNarrow to 2-3 markets.

I was just posting the numbers with $175k since the seller said they are using the 1% rule to come up with their asking price.

The 50% rule for Cash Flow is more realistic than you might think.