Wait for Leasing Permit or Renovate

[Kasaun Mims]

So I am currently trying to house hack my second Investment property & curious on the thoughts of my current situation. I am using a FHA loan on condo in Atlanta & there are 2 properties in this complex that I am looking at.

Property #1 is a 2 bedroom 2 bathroom & the seller is asking for an offer that is over-value of the home due it having a transferable leasing permit associated with it, however it needs to be renovated.

Property #2 is a 2 bedroom 1 bathroom that asking for a offer that is under the value of the home & also is newly updated. However it does NOT currently have a leasing permit associated with it.

My conundrum is should I get property #2 and immediately get In the wait list for a leasing permit ( The Onsite property management stated that it is currently 90 people on the list & is going to take at least 15 months before I would even be considered for the leasing permit) or should I go with property #1 even though if is considered overvalued and still need renovations. But at 1 years time, I can continue to house hack & purchase additional properties & not have a possibility of waiting an additional period of time before I get a permit ?? Please help I really want to make a well informed decision. Thanks advance!!!