You'll want to understand what kind or notices and documents you need to get executed to either up their rent or turn the unit.Solid long term tenants are worth their weight in gold in my book so if theres a way to up the rent and keep them happy I's say thats the best route personally.

Increase in family size:A Borrower may be eligible for another house with an FHA-insured Mortgage if the Borrower provides satisfactory evidence that: • the Borrower has had an increase in legal dependents and the Property now fails to meet family needs; and • the Loan-to-Value (LTV) ratio on the current Principal Residence is equal to or less than 75% or is paid down to that amount, based on the outstanding Mortgage balance and a current residential appraisal.

If the tenant fails to provide the landlord with the forwarding or new address as required, the tenant shall not be entitled to damages or attorneys fees under division (C) of this section.”

Does this guidance carry any weight? 

Just take action each and every day, and fail forward.

We put a lot of efford and attention into keeping basements dry, but we still have an occasional pipe burst or sump pump fail and see issues and when you get water in a basement; carpet can be dried and cleaned, it's the open cell pad that is holding on to gallons of water like a kitchen sponge.

I wish you well (I really do mean that - not rooting for you to fail). 

;) "Numerous experts, including lobbyists and lawyers" have been happy to tell me I'm wrong, but failed to adequately explain or even attempt to explain why I'm wrong. 

Most fail to take the important steps you’re taking.  

My realtor is worth his weight in gold and works very hard when I have a deal going with him.