Rental Property Utilizing An FHA Loan

[James Valice]

In anticipation towards my first rental property aqusition, I have been vigorously educating myself on the topic as well as analyzing a couple of deals. When I analyze these rental properties, using an FHA loan in my analysis with a conservative 10% interest rate on my loans due to my age, I find it increasingly difficult to fathom how one would cash flow on an FHA loan during the first year while also utilizing the BRRR method to compliment the deal. When analyzing deals with an FHA loan my questions would be:

Is it unwise for me to rehab a rental property whilst also utilizing an FHA loan due to the high loan P&I?

Am I subject to have a negative cash flow during the initial year with such a high P&I payment whilst also renting out only one unit? 

Should I factor in the initial first years living towards the closing cost to get a clearer grasp on the numbers? 

Sorry if this is confusing, I tried to be as clear as possible, but being such a novice in the business I'm sure It may be a confusing read. Any and all information is a great help!