Quote from @Jonathan Orr: Hey BP, was having a conversation with a newish investor and was discussing markets on a macro level. 

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.

IF you do the Ellis act, you are eliminating any condo conversion potential for the unit. 

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

How would you approach that conversation if you did?

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.

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

When tenants are so far behind, there's a good chance they can't afford market rates.

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.

Hey there, I run a Real Estate Call Center I think I see some things that can help:-First off, 9% contact rate is not bad at all.