Using 50% Rule with an FHA Loan Question

[Riley A Holzmeyer]

So the 50% rule is taking 50% of the rents and saying that will put towards operating expenses. So what is left is used to pay for the mortgage. So when dealing with an FHA loan and having extra payments like MIP. Would what is left after taking the 50% be the principal, interest, and MIP? Maybe it is just my market, but from the properties I have inspected that would be a very hard to have 50% of your rent cover those three payments monthly.

Thanks in advance for the help.