Then Joe sends a letter to Bob and says I bought your mortgage make payments to me.

If you can not find coverage with the agencies you have contacted, PM me and I will let you know the companies that we use that might do it.Because of your making payments to the owners potentially, I would look into commercial crime coverage and cyber liability. 

If she doesn't pay the rent in Jan, start by following your local rules for non-payment of rent (normally a 10 day notice). 

Typically, you'll have something like a 10 year draw period with interest-only payments, and then the balance is amortized over 20 years.

My monthly mortgage payment will be approximately $2,100.Comps in the neighborhood are currently renting for around $2,600/month, so my plan is to live in the property for 1–2 years before renting it out.

Your down payment is you buying the initial equity. 

Hi everyone,Im trying to figure/find out how strict the rules are when it comes to getting an FHA loan (I want the minimum down payment) and renting it right away.

Then use the extra roommate rent income to pay down your mortgage and look to refi to a lower payment in the future (3-5 years) - so it cashflow when you move out.You could also choose the smaller unit and STR the other unit to generate more cash to pay down your mortgage and refi, so it cashflows when you move out.Bottom line: you'll have to get creative to solve your cashflow challenge!

You need larger down payment: 15 to 25 percent down, depending on your profile and property type.

Payments can be made in either 3 separate payments or in paid full around the thousand dollar range.