Do the research and the math and find exactly how much it will cost (plus a little extra in the event of an unforeseen issue).

@Troy PurvisCongrats newbie on your first investment property I remember the feeling well, now leave that roof alone and get that property rented and put that money aside for unforeseen matters.

Down payment and cash reserves to have financial security to cover unforeseen problems i.e vacancy, unexpected rehab time, etc.  

But I barely have enough to do the conventional and I don't want to completely drain my savings and have none left over if unforeseen expenses occur.

This property came with a few unforeseen headaches, the electrical wiring was a mess which had to be corrected.

From you experience, is this something that can be done and should there be any concerns about chain of titles or other unforeseen hurdles that can come with doing this.  

Unforeseen plumbing issues added $10K to my cost :( 

Sam & Heather JonesI have completed 5 rehab projects on properties under 1200 sq feet, two of them under 900 sq ft. and never once have I had one where the contractor did not call me with some unforeseen problem.

Barring some unforeseen issues, this should be pretty simple.

For me that requires a certain amount of cash flow after all expenses are paid plus putting a reserve away for unforeseen expenses and eventually major repairs.That said, yes FHA loans now require PMI for the entire length of the loan.