Seems like a great idea at the State Fair, but I'd be 90% of the homes I go in that have those, the room never gets used. 

I'm excited to start my journey, but would like to do so in a relatively unfamiliar market with limited existing connections.

The FHA loan limit is $621,000.

Zillow rental, apartments.com are both good websites to look at to get ideas on the market rate. 

Looking forward to meeting local investors and hearing new ideas!

Also, i know i can change loan types but that is not the idea.

You are starting a new lease with these tenants, so basically you can charge whatever you want, including pet deposits and pet rent (assuming its legal to do that in your state), and increase in rent (again, some states limited how big of a % you can increase it).Its the balance of increasing it closer to market and protecting yourself for eventual damage by having pets in your units vs inducing a vacancy and starting over.....which can be scary but often its a good thing when you take over someone else's tenants. 

I have no idea on what this will cost but these units in my area rent for about 1000-1100 a month for a new build 2BR/2Bath. 

Keep in mind the rental limitations condos can have, they normally have a limit on how many rentals in a complex. 

I think a smaller refundable deposit is a good idea.