If I wait for the full eviction process to run it's course, it may be another month and a half (at least) before the new tenants can move in.

I.e if we would be saving say $1,500 a month in rent over the course of 2 years could use that extra $36,000 in our analysis?

As far as some general criteria/thoughts:- My workplace is in the Cobb/Vinings area and I would ideally like to be a < 30 min drive to work (though I don't mind if its up to 1 hour away since that is my current commute)- I'm interested in using a FHA loan to put ~5% of a down payment (3.5% down pmt + 1.75% upfront mortgage insurance premium)- My target all-in purchase price range is between 200k - 400k - I would prefer to live in a 'A' or 'B' class property that I could rent another unit to a young or established professional/college or grad student- Just from discussion with my friends, a lot of them seem to dig living in areas like Midtown, Buckhead, Virginia Highlands, Brookhaven, Lindbergh.. how feasible would it be for me to househack in any of those areas and expect to generate a decent return in the future once I move out and rent out my unit?

I would be highly cautious with your proposed course of action for a variety of reasons:1.

So my guess is your accountant will let you treat it all as capital gain (interest on the note excepted off course).When you accept a note as part sale you will pay all of the tax but it will be prorated as you receive payments. 

@Josh Guo you may want to check the marketplace you can find professionals offering their services there 

Plan is to make improvements in the 50k range and raise over the course of 6 months to an avg rent that would bring NOI to 72k and then re-fi.

So be sure to check with a local tax professional.

I have heard about all the nightmare stories regarding people that signed leases without seeking professional help, so I was wondering if anyone can recommend a good commercial lease broker that represents the tenant around the Philadelphia area

I will support my family on the $40k/yr and the rest will go into paying off my rental properties which some of you will disagree with but I have done the numbers and evaluated my own risk tolerances with loans for rentals and decided for my family paying off the ones we have is the best course of action.SO..