FHA or Conventional?

[William O Anderson]

I am purchasing my first home, and plan to use it as a rental property. I'm getting a killer deal on the price of the home. Upon talking with my loan agent, I discovered that I have a tough choice to make. Do I live in the property for a year, per FHA requirements, and then make it a rental; or do I get the convential loan with a higher interest rate, and down payment, so that I can start renting it immediately?

Im wondering what are some compromises I can make when it comes to this situation. Can I do the FHA and have tenants if I'm living in the property? If that's not an option, can I have "room mates"? Or is it better to just take it as an investment property, get the lease agreements rolling, and start learning to landlord? (thanks biggerpockets for making that a little easier)