We would need to know more about your goals and time horizons to give better advice.In the absence of that info.

My time horizon is measured in decades and I won't have to price in exit transaction costs like most cash buyers do. 

I recently bought a home with an FHA loan a month ago and a few people reached out about possibly renting a couple rooms in the house to stay... an I allowed to rent out those rooms if I am living there under an FHA in such a short time horizon?

It depends on you (your investment experience, risk tolerance, time horizon, etc.)

What is your time horizon for your investment and the certainty of your plan.

@Shiva Bhaskar It’s down to the three fundamentals: Entry Price, Time Horizon, Cost Management.You can easily enter a market by having to high of a entry price to exit at your desired time horizon, just as much as one could mismanage cost, and end up with the same result. 

This is very different than the person who is 25 and just starting their investment career where they have a longer time horizon to recover if things go south. 

I have a two year horizon I envision on my renovations.Current Details: Price $1.2mm (add another $200k for renovations, so $1.4mm)Fully Rented Monthly Roll: $21,100, or $253k annualizedMY Estimation for annual Capex + Maintenance: ($52k)Utilities currently paid by owner (annual): ($41k)MY Estimation for vacant at 15%: ($38k)PITI annualized: ($83k)Net: +$39kMy Stabilized Estimate: Annual rent roll: $208kCapex: ($52k)Utilities ($20k)Vacancy at 5% ($10k)PITI: ($83k)Net: +43kOn a down payment of $345k --> 12.4% ROI, with a much more stable tenant base and upside in rents and downside on utilities. 

You may want to expand your investment horizon as well outside direct rental investment, for example examine MF syndications, MHP,storage, debt funds, non-RE , music royalty deals,etc, sometimes there are more deals in that sectors.negative cash flow in an increasing interest-rate environment is not worth to purse. 

Similarly, whether the market is likely to appreciate/ hold steady / depreciate would also be important considerations...obviously, you'd approach a seller in a tiny dead town differently than a seller in a thriving city with 25% appreciation....we don't know if these properties are in the middle of Kansas or the middle of Manhattan, which makes it difficult to zero in on the best strategy....what others mentioned about patience could be a good strategy in some markets, but patience might not a good strategy if there are thousands of other buyers circling around...Also, the finances, priorities, goals and fears of the seller would be important factors to help you determine the best approach...for instance, a seller with little equity, poor cashflow, no appreciation, tons of impending capex bills, and bad tenants would obviously be a different deal than a seller with all properties paid off, excellent cashflow, excellent appreciation, no capex projects on the horizon, and A+ tenants.