Get one with a ceramic bead scrtch resistant finish if you can, AO if you have to.

Sometimes they will miss a basement that is prepped for a bath which can be added at little cost. 

Mary K. has already done exactly that and something I will definitely be adding to my leases going forward.Even though I assume a month of vacancy for turnover, I'm thinking it couldn't hurt to at least give myself the option to try to get it rented sooner.

Your local non-profit developer will probably have a much better bead on what that could mean for you locally (it could make getting those funds much harder in a C neighborhood), as well as the fact many non-profit developers can also manage subsidized complexes for you smoothly, as they have plenty of experience in the additional documentation, rules and inspections that Nicolas mentioned. 

This is a rehab loan that can be added to the FHA loan.

If you have a limited credit history, perhaps you could be added as a joint account holder on a family member's established account? 

As to insurance, there are several ways, you can be added as a co-insured, you can be listed as a loss payee (but doesn't insure you) you can be indemnified of insured losses through you contract with an assignment of loss proceeds.

Just food for thought, you may want to research the implications of both decisions before making the leap.2) The 85% rule is a fallacy the only thing that is 85% with FHA are max cash out LTV's or 85% of gross rents minus PITIA = net rental income or payment to qualify for or income to be added to your qualifying income.3) can you order  another appraisal?

Also, you don't want to wait forever for your money, so I would put a timeframe around when the house must sell, and if it doesn't within that time they would pay you for the work you did and maybe some type of servicing fee would be added to cover the time you waited for payment.  2. 

If the rooms are big enough closets can be added very easy and cheap.