You'll have your closing costs covered and you put little down.

Plus being new to Real Estate and covered by E&O insurance is a very good thing. 

If you can not quickly unload you can lose the home or having to borrow more covering the negative.

There are endorsements that you can add that will cover certain things and depending on the property and situation they can make a big difference. 

I found other companies would be more expensive and/or would have stipulations like they wouldn't cover you any longer if you rented to college students.

If the house is a junker  broken windows, leaky roof, peeling paint and no floor covering it won't go FHA.

Here are is my advice if yo wanna try outHave a Professional website direct to the point REMEMBER first impression is the last impressionTry to create engaging content and share on your facebook pageUse a Professional profile picture and nice cover imageRun PPE ad and target your the group of people you wanna target, interest, as well as locationLet it run for few days make sure you add your facebook pixels in your website before you run ads that will allow you to track what happening and also add Google analytic to your websiteGet a designer to design nice ad image for you LESS TEXT MORE CREATIVE.Run it for few days and keep tracking the process and after few days start a retargeting ad as well with it so people who visited your website showed some interest and than left retarget them.Above tips were simple and to the point.

I’m thinking of using 40k of the 200k to put back into the property so that I can raise rents to help cover the new mortgage while also increasing its value. 

I own a 2 bedroom condo and I rent out the spare bedroom through AirBnb which nearly covers the mortgage.

Maintain a decent cash reserves to cover vacancies, maintenance, CapEx, and mortgage payments encase of total income loss.