However, most people wait at least 6-12 months just in case the IRS doesn't question it.

Long story short, I felt I wasted money, and gave up on the course entirely a month after purchasing.

How much lower depends on what time of year the home was completed- Usually can charge a much higher rent for new homes.

In order to past this SS test, your appraised market gross rental income at 75% has to be more/equal to your monthly mortgage payment (PITIA).

I had one were we did not get to it for a while 6 months or so it was just boarded up.. when i went to sell it wholesalers were going through it said it smelled bad.. one of them finally went down to the basement and found a corpse that had been for quite a while. scared the heck out of him..

But even a plumber shouldn't charge $365.

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.  

My city does allow month to month rental.

At a very minimum you'd be looking at 12 months -- more likely 18-24 months. 

Which just means that rather than the new loan maturing in a nice round 5 or 7 years, it will mature in 2 years and 10 months, if that's how long your lease with the current tenant is.