Buying a SFR with FHA and Renting

[Nicholas Thompson]

I have talked to a few lenders and real estate agents and they have all advised people that it was OK to buy a property with an FHA loan and rent right away. I know legally it is not OK, but everyone has heard stories that there wouldn't be an issue, assuming payments made each month and on time.

What are your thoughts on that in reality? Is it acceptable? Has anyone done it before?