Check your state's rules, but with month to month you could literally increase the rent as much as you want with 30 days notice.

It’s a quick and easy way to rack up cash flowing rentals with no out of pocket $.

And that happened because in AU in those days most folks from AU did not realize how much FREE information is available in the US on line about real estate .. this information did not or does not Exist in AU so they were easy marks.

I'm thinking that might work but will it be easy to refinance to conventional later? 

A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources.

It is very easy to do. 75% of my real estate brokerage clients are people who have exchanged in or out of a different asset to make their lives better - more units, bigger buildings, newer buildings, better location etc...1031 is the way to go with a solid real estate team. 

@James HuntTo answer you questions, I think the FHA rules are you have to move in within 60 days of upon purchasing, you or the seller will need to negotiate a  cash-4-keys agreement. 

We are almost done rehab and should be easy to rent in April.  

Split will be cheaper and central will be more expensive but besides easy comparison, ask about maintenance on each.

Given we are accountants, we cannot promote our services on BP as its against the rules.