However, are you planning to do a 1031 exchange, or is this a primary residence? 

Investment Info:Single-family residence buy & hold investment.

Typically, we conduct background checks on only the individuals who are responsible for the lease (primary resident) and/or cosigners.

Investment Info:Single-family residence fix & flip investment in Tenafly.

In most cases, I don't recommend renting out your primary residence especially if you have no rental experience and that is because usually your primary residence was bought without the idea of renting it out.  

Quote from @Lisa Albright: Hi All,Newbie here, just a quick question we are building an addition on our second home, we have a primary residence, and two rental properties.

The first step I did to raise capital was refinance my primary residence. 

We were able to get into it with a 5% down primary residence loan.

Investment Info:Single-family residence private money loan investment.

I would tell people today that if you buy a primary residence expect to stay in that home for atleast five years, especially with a FHA loan which has lower down payment as the current forecasts for home appreciation or very low which with closing costs on the buy and sell, it will take several years to have equity in the property and enough to be able to sell, so that is something also to consider.