This can give you the flexibility to fund your flip without the restrictions of a HELOC.

Being that your tenants are month to month does provide some relief for the new owner in terms of being less restricted on raising rent and/or replacing the tenants.

Quote from @Tenzing Palmo: Hello I’m looking for my first investment property in Dallas Texas, I live in nyc so I don’t The trick with new construction in many of the growth cities is that don't allow rentals in the HOAs or have super restrictions. 

Here’s the idea:A private lender could pay off the FHA loan, allowing us to give them the first lien on the property.This would free us from the FHA restrictions, enabling us to move to a more suitable living situation while addressing the lead issue at a later time.What I Need Help WithPrivate Investor Leads: Does anyone know of private lenders who might be interested in exploring this option?

Under this idea, you'd need to see if the Health dept has any restrictions for your septic system (which i assume you have) and if the power company would meter the 2nd unit separately. 

Generally when I talk to my customers looking to buy a property each year FHA usually gets in the way with one or more of its overlays and restrictions.

The property went into contract for $3M while still under COVID restrictions.

Paul has in the past enacted restrictions on raising rents.

Not looking to be restricted to NW Philadelphia.

They can definitely tell you what you need to know legally and licensing wise in NJ/NY as there are some restrictions in certain states and I think NJ is one of them.