You can indeed transfer the FHA loan into an LLC if certain criteria are met, though your bank may exercise its due on sale clause and require you to get a new conventional mortgage.

Simple answer is it depends on your market and what other comparables have @Natali Cobb.If you are doing a renovation already, then it makes a lot more sense than not. 

And as this noted one shows, to those who think they will just swoop in and pick up an "easy buy", just write a check and it will be a simple take-over, think again.

In real estate, the biggest hurdles are often the ones you least expect—and sometimes, they’re as small as a crystal doorknob.Back in 2019, a simple set of crystal doorknobs nearly cost us a $25,000 deal on a home on Burgess Street.

@Isadore Nelson I'm currently seeing 154 available rentals on Zillow in the 19119 zip-code, ugh... is exactly the wrong way to analyze a neighborhood, lets use the 19119 zip code for this exercise: Did you know the 19119 zip code is ~ 3.5 Square miles? 

Email is usually thrown in for free.It is so simple to register the email address and then use gmail to send/receive.

I don't think it will be as simple as trying to just undo what the last owner did; you're going to need legal descriptions of each lot and that generally requires a survey. 

Quote from @Larry Nielsen: It's actually quite simple.

The main issue with rental basement is water if it has water issue usually it is a simple fix .Clean gutters ,discharge gutter  water away 10" away from foundation, make sure you foundation soil is slopped away from it .If you need to buy soil get a clay mix .Cut back any tree too close to the foundation look at the drip line that's how far the limbs are out from the tree .If all that is done still has water buy a sump pump  carry the water to day light away from foundation 10" to 15" .

Clean the place up, then rent it at market rate to tenants that know how to maintain a home.Any time you have a lease violation, you should follow a simple process.