Market rent is not a precise number...it's a small range. 

Thus, the downpayment would be low and, if the property is ready to rent, the turnaround time to cashflow would be relatively short.I have been entertaining some side income possibilities, but I don't think there is anything that would yield income immediately.You are correct that FHA requires that the property is 1-4 units, which I think is precisely because anything 5+ units is commercial (and thus wouldn't achieve the gov'ts goal of encouraging home ownership).A bit of this is also buying my first home, while also leveraging FHA and house hacking to get into an income property, and using it as a launchpad for future investments.

Or is it best to structure the lease precisely at 12 months and add a proration clause. 

How about also being judged by the profits being made.Lets face it, some one may spend tons of money on a rehad, and make no money.The key to this business is to be precise and focused.

He drives the points home so well and speaks so precisely. 

I'm currently developing a software to help investors do precisely that.

Or, more precisely, it's subtracted from the gross income along with other expenses (plus the depreciation add-back, etc), and any remaining positive number is included as income (with nothing listed as a debt/liability).

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If you have an agent you're working with, ask them to pull closed rental comps for you to get a more precise number.

@Tyler Mullen - Preparing for the worst case scenario is precisely why I posted this question.