Your development deal will look much like a flip in the eyes of the IRS since it is 6-9 months as well you'll have the short-term side of taxes, not the capital gains taxing on it.  

@Teri Feeney Styers the slow flip method that I think he is referring to is the one coined by Scott Jelinek which is buying a livable property using private money on a short term (typical 60 month--like a car) and immediately marking it up 2-4 times and selling it on a 30 year term using a land contract.

My city does allow month to month rental.

Quote from @Sarah Kensinger: I would say your property is probably pretty far down the list since it was blocked off for months.

Purchase price: $430,000 Cash invested: $46,618 Sale price: $589,000Fix and Flip in CB PP 430k Reno 46K Sold 589k ~ 3 Month TurnWhat made you interested in investing in this type of deal?

This is interesting, I have also had more cancellations over the last few months than usual.

Hello, if you must live in San Jose, I'd say renting makes more sense, especially a 2.5M house for 5K a month.

I've got 7 months before the lease is up, so no is the time to research and think it through

However, if you demonstrate that you're abusing FHA loans, such as getting a new loan after six months because you converted the property you just bought into a rental without a reasonable explanation, then you could have issues. 

Originally I was planning on buying a multi family in the area I live in, but after reviewing my lease, I’ve found that I really can’t break it and I have 8 months left on it.