The simplest thing to do would probably be to refinance out of your existing FHA loan and then use a new one to get another home.

The simplest way to fix it is to have someone else co-sign, possibly a parent, if that's something you can do.

Simplest gable roof you can imagine in a 1 story house.

It's simplest to understand if you work through an all-cash transaction - you buy a property for $50K in cash, rehab it for $25K, rent it out for 6 months, and then in month 6 you re-finance.  

Thank you everyone for the replies so far.It seems like a cash for keys situation before closing would be the simplest solution.I'm currently waiting to hear back from the seller's agent on when we can tour the property and I will inquire about the lease then.

all that was great and then came the simplest, yet comprehensive answer.

@Charles PhanumphaiI guess the simplest way I talk to buyers and investors looking in Denver is this:If you're solely interested in cash flow, (the weakest of ways to make money in real estate) Denver's not for you.

@Brian Dickerson The way the different OTAs handle taxes is complicated but the simplest answer to your question is assume 3% is occupancy tax (AirBNB collects and remits sales tax on your behalf, it never hits your gross rental numbers.

You'll need to submit correct information either way - to a CPA or software.I don't see how it's like someone preparing your food (unless you provide all the ingredients, chop it up, provide the stove, etc) or working on your car.   

It's the simplest way and you have to do it so might as well bite the bullet.