6 month lease with the option to lengthen month to month at same priceThe tenants supplied a $1000 deposit and the insurance company gave us a $500 nonrefundable deposit and a $250 non refundable cleaning fee.So far, i'm happy with the process although the insurance company rep wasnt very responsive and took much longer to get the tenants in than it should have - mainly because they work 9-5 and no more.Regards,--Dave

Do I need to register for this room option?

It seems to me you have three viable options at the moment.1) Non-renew. 

There are financing options for self-employed borrowers in these sorts of situations, but they require a higher down payment than FHA.

@Stephanie LucianoIf you currently own a home and you don't plan on selling it or making it an investment property, this financing option wouldn't be available to you.

Called the bank, who quickly said "sorry, your loan does not have an option for PMI removal."

So, I'm trying to decide between the two options below:Option 1: Buy a couple of properties and split the money from the 1031 exchange for the down payments.

I'm digesting this info... and looking into some of these options including the pass-through entity which I admit I'm not familiar with.

Stoked to see this option open up in Reno.

Angie, I would love to get on a call and understand better my options to get started working with you to find a deal.