You will need to act quickly if your goal is to retain the property.

This is a good way to raise some money to improve the property and still retain some of the upside potential.

Those work more like an auto loan, where the seller retains title until the financial obligation is paid off.

Anyone know the implications of trying to convert a FHA/conventional owner-occupied mortgage to an investment property in the case that my partner and I would want to move somewhere else but retain the property?

They will also hide profits in housekeeping fees, charging very high cleaning fees, but retaining half of the fee for themselves. 

As for calling an attorney - while you should have an attorney on retainer  involving an attorney  further in this will cost more than the cost of repairs for the unit. 

Plus, inflation is through the roof and I don't have a place to put my money for it to retain its value.Here are the numbers:Purchase price- 370kMonthly Taxes- $297.42Monthly Insurance- $83.33Water- $48Common Electric-$35Sewer-$156.59Trash-$103.6Cap Ex 10%- $341Repairs 10%- $341Vacancy 5%-$170.5tenants pay their own gas and electric4% loan w/ 10% down payment $1728.54(I originally calculated the loan like this because that's what I could afford before trying to go the FHA route.

We allow pets in our rentals and it sometimes actually helps retain good tenants because many landlords don't allow pets so if you have a quality tenant with a pet, they are hyper vigilant because they know how hard it will be to find an alternative.

It’s a bit of a confusing model but I want him to be able to retain his properties in this event.

I decided that 10% and retaining cash was a better decision than suffering a relatively small PMI expense.