HUD 4000.1 (I believe) is the latest HUD handbook and it goes over all requirements for originating the loan, including but not limited to occupancy requirements and exemptions.FHA occupancy : "At least one Borrower must occupy the Property within 60 Days of signing the security instrument and intend to continue occupancy for at least one year."

I think having a balanced budget would be ideal where you allocate money into buying another property and money set aside for renovations.

Most credit collection agencies are limited to sending demand letter for an initial fee of $200 to $240.

If this is your only property or your reserves are limited, holding onto a low-cash-flow property might not be the best move.

Most will go to 80% of the value of your property, some limit to 70% max.

I don't trust them and it so much more reliable to take a few minutes and look at your real competition to set pricing. 

What I can share is that the risk-reward will not be worth it as a 'newbie' due to your limited capital and inability to actively manage your properties. 

I can also share some great resources and guides to get you started.Let me know what specifically you're looking to learn, and we can set up a time to talk.

As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial intereststransferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to purchaser.If all or any part of the Property or any Interest in the Property is sold or transferred

Let me know if you'd like to set up a meeting since we are local.