There are other loan products out there with a varying degree of rates that could be alternatives, but I'm not an expert in mortgage products so I'd recommend speaking with a lender first. 

That FHA loan is assumable, so that might be attractive (depending on your rate).You could consider leaving the FHA loan in place and just move into a live in flip.

It's certainly much harder now to cash flow while house hacking with high mortgage rates, but not impossible.

Many properties are unrented, even at heavily discounted rates.  

It is going to be a VARIABLE rate and is typically higher than a cash out refinance. 

Short term rentals usually price best 65-70% loan to value but if the cash flow is very strong to support a higher rate up to 80% is still possible these days (not common though).Best of luck.

I am currently looking at buying a new construction home as a long term rental property. sales price $214000. first my lender told me I can do 0 down. and I am really excited about this deal. but later he told me that am not qualified for 0 down because of my income. the other option is that I can do fha with 3.5% down, 6.125% interest rate. cash to close is $14000. my monthly payment is around $1575-$1590.it can at least rent for $1700 as a long term rental property.

My advice would be to buy at a significant discount to REAL value so that the law of averages works out for you. 

I have no idea about occupancy rates, management fees etc.

Just trying to figure out our options here, would love to keep the interest rate if possible for obvious reasons.