Looking to rent my current and move into a flip.

[Kenny Szymanski]

I need to list and rent my brrrr that i have been working on. I came across an opportunity on a fsbo that needs TLC, good bones in a very nice area... Problem -financing That house i live in now has fha financing and I am coming up on my one year. 1) am I able to rent this out so soon with out penalty? 2) we are raising money from family as well as some assetts i have already, how do we make it fair for 170g of borrowing. I was think of either offering points, that way I know exactly how much it will cost me( possible wait till refinance and pay back lenders) or offer a 8-10% rate and have that payable when we refi. Has anyone been in this situation before any advice will help. We are going for a private showing and want to be able have a plan for out investors when they ask. Thanks bp