Hml to be financed fha after a year

[Michelle Chowan]

Hello! We have a multi family property with an accepted offer ( hard money loan) that we plan to house hack for a year and then finance FHA. (FHA is our only option due to past bankruptcy and foreclosure.) What are some viable exit strategies to use? This is our first deal and I'm a bit nervous because the FHA is super strict and this house seems to have foundation issues. (SUPER sloping floors.) The house cash flows maybe 5k a year, I say maybe just because some numbers are still in question, but is in a very family friendly up and coming town with the rest of the house super fixable. Thoughts? Opinions? Inspection is tuesday.