Are there additional primary residence requirements such as homeowners exemption required, or anyone know if this is coming down the line?

This would be a flat fee payment for the use of their license for permitting SFH.

I'm considering making this property into more of a mid term rental as an interim spot for people that may have experienced a flood, fire or are moving or renovating and need an interim space. 

Quote from @Kent Ford: Texas offers a diverse real estate market, from  I would say in many cases price matters most. 

Purchase price: $300,000 Cash invested: $300,000 Sale price: $400,000 This was my first property and decided to sell it get access to its equity.

Quote from @Loren Cota: Quote from @Chris Piel: I would also love to hear from anyone wholesaling in HI county.

After some research, I've come up with the following:- Blown-in insulation to fill the joists with hard-packed cellulose- Add asphalt panel board layer across the entire ceiling to the existing drywall and fill the cutouts. - Add a second layer of 5/8's drywall to the asphalt board. 

Quote from @Brienne Metcalf: Something to consider.I don't recommend gradual rent increases, for a couple reasons.1.

Purchase price: $245,000 Cash invested: $50,000 This was our primary residence that we are lived in for 6 years while we fixing up and renovating. 1963 farmhouse that was outdated and loads of half a$$ work and deferred maintenance.

Hope that helps!