Don’t forget to get title insurance to, and get the owner’s paperwork showing that all contractors, subcontractors, and materialmen have been paid.As for short term rental of a condo you buy, most condominium associations don’t allow that, and for good reason.

The investors that are buying into this development are very quality high and once the builder is out and the homeowners over the HOA, it will be a really well run system.

Keep in mind that your refi options change dramatically once you do move out because you will loose the option to use a homeowner's refi and the much better rate that provides.

This documentation can be invaluable if any issues arise later.What to Do if Applicants Don’t Have ReferencesSome applicants won’t have any—or limited—rental references, usually due to their age or being prior homeowners.

Not sure how much your taxes increased, but one way to cheaply and quickly drop your monthly payment is to increase your deductible on your insurance for the time being (please speak to your insurance agent about what this means for you).  

You have homeowner prices and then you have builder/investor prices.

The remaining $50,000 qualifies for the tax-free exclusion under Section 121, assuming the homeowner meets the residency requirement.

I would be more focused on getting adequate insurance coverage.

This requires that 75% of the rent the building brings in covers the entire payment including taxes, insurance and FHA monthly mortgage insurance.  

Require Renter’s InsuranceNow, this might seem like overkill for just a room, but renter’s insurance is non-negotiable in my book.