What are common obstacles converting an FHA PR to rental ?

[Brandon Swogger]

My fiance and I bought a second single family house on FHA recently that we are currently rehabbing using my W2 and tax return cash. The plan is to move into the second property once it is completed, then take my current PR and rehab it as well. Once renovations are completed I would like to get out of both of the properties and rent them out, or sell if my PR doesnt cash flow. My first property was also purchased on an FHA loan 3 years ago. I just recently established equity in that property and I'm not sure whether I want to use it on renovations or holding that cash as a down payment for a house hack. Is there anything I need to know about converting my FHA property into a rental, and does this strategy seem logical?