FHA guidelines and rates themselves are set by FHA.  

I hope those cute little stories make me sound smarter than the first set of answers I gave.  

I was trying to purchase a 1BR condominium as an investment. 

I'd set it up as 12 months.

Getting into REI with no cash, no skill set, no experience is a hard business .

So, I set off on a quest to learn about business and that's when I discovered a book that has forever changed my life since then - The Personal MBA by Josh Kaufman.

That is easier said than done, but if the investor and the company are both patient, good expectations can be set and met.Good comments ~

A few other things that may be helpful to you here on the Bigger Pockets website:You can set up keyword alerts so anytime someone posts about Chicago or any other market you're interested in pursuing, you'll be notified.

Initial CapEx Funding at property closing: At closing, as part of my 'cash needed to close' calculation, I take 3% of the sales price and set it aside in a separate CapEx savings account.  

Once you let this reality set in your focus should be on finding the right PM to work with that will not nickel and dime you to death.