If the tenancy is a specified lease term under a written agreement, and the lease term has not yet expired, you cannot impose a rent increase during the term, unless the lease agreements provides that you may do so. 

I learned that April and May are seasonally slow for rentals, since most people seem to move in the summer, and also that the market here in Wesley Chapel, FL is a bit saturated with excess inventory from all the new construction activities in the area.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Here are highlights of the program right from their website:Program Benefits-A 30-year fixed interest rate mortgage loan, several rates and loan options available-Down payment assistance (DPA) 3% to 5% of the loan amount-You do not have to be a first-time homebuyer-DPA provided as a grant (never needs to be repaid) or 3-year deferred forgivable second lien loan-Available statewide through a network of participating lenders.

Purchase price: $5,000,000 APR CAPITAL MORTGAGE private lending offers unique advantages, and provides loans for Real Estate Investors.

The company providing the warranty keeps most premiums as revenue and profit."

I recently had a baby girl and am extremely anxious about getting stuck in the rat race and not providing the life she deserves.

Owner needs to legally serve squatters through the professionals. 

I'm happy to provide more info if you need help.

The loan we were applying for is an FHA, which stipulates we must provide a signed lease for our half of the duplex (to be newly rented out) but for the other half which the parents "own" (in reality all three are equally owners of the entire property.) we would need to provide proof of rental income on our tax return, however her parents claimed that so we seem to be SOL.The mortgage is covered, we can rent it out no problem, but the underwriter is saying on paper it looks like she is responsible for the whole duplex and the rent for half of it is unreportable.

If your main driver is saving money please pay the professionals.