I am trying to learn the advantages/ disadvantages of all.

I am trying to learn the advantages/ disadvantages of all.

Any other advantages/disadvantages to this strategy?

In a thriving market which currently is across the nation you can refi out of your FHA loan within a few years and avoid anymore PMI .Disadvantage is rates will no doubt be higher, which simply means you will have to do a cost analysis PMI payment vs higher rate.

Don't view it as a disadvantage, because some tenants may love it!

With a month-to-month rental agreement, the tenant is notrequired to stay for any length of time, but proper notice (as defined by state-law) must be given before they move out.It might seem obvious to use a term lease when renting to a tenant, but there is one major disadvantage to doing this: The landlord is also locked in to the lease.

What are the disadvantages to Seller Financing, if any?

The other thing is I'm a first time buyer trying to house hack so I know I'm at a disadvantage over the more experienced investors with cash.So I have two questions. 

There's advantages and disadvantages to each approach.

That's what the listing broker told me and said I can ask for General Warranty Deed instead but that would put me at disadvantage against other buyers' offer.