I got it rented May 1 and the cash flow is about $500 per month so right now I don't have much profit saved up to cover it but if it can wait a year, I should be able to cover the cost as long as nothing else goes wrong.

Lenders shouldn't care if you're staying at your other free house even most of the time as long as you pay your mortgage and don't try to qualify for another loan for a year. 

Refinancing will also knock off the PMI.However, you can rent out a property with an FHA loan on it as long as you have lived in the property for longer than 12 months which you stated you have.

The return you will receive on that knowledge can be infinite as long as you put it to use.

I'll likely never be debt free (because I'm a student of that thought, as long as the debt makes money).

As long as your financing is in order, there shouldn't be any issues with the tactic.

However, if you are playing the long game then minimal cashflow now is fine as long as the property is appreciating.

As long as all parties find it fair and reasonable. 

The lender can write TBD in the property address line as long as they know what state it's in. 

Problem is, most roofing Mfrs only cover materials in their warranty....In my mind these are minor issues and I wouldn't let them prevent me from purchasing the house....as long as you fix them that is...