3 Bedroom Single Family home

[Don Ferniz Tyree]

This is a how would you handle this situation type of question.

The house is : 130,000

Mortgage is: $800

Just based off the info provided, How would you rent out the house. what steps would you take to start planning this as a cashflow machine? Lets say its in a great location within a 2 mile radius of malls, freeways, and a community college. 

Part 2 question: Lets say I do a FHA loan and required to put 3.5% down so now I'm required to live in the house. Would you rent out the 2 additional rooms then after a year move out and have someone else move in? is that a good idea? This could be my potential situation on a property because I dont have 20% for a regular loan. What do you think about this idea?