I am getting conflicting information from people and am looking to set the record straight on this topic.  

Increasing the prime adjustment five fold and "artificially" raising the rate (especially knowing that your intent is to grow the account by doing so) would likely expose you to some risk in the event of an audit.

Honestly, I don't see much of a reason to go and start your own brokerage unless your goal is to build out your business as a real estate mega agent, recruit other agents, set up your own systems, etc.

I think you're struggling because you haven't set up your goals yet.

I have an Excel spreadsheet set up to put in all the information.

I would issue a notice of termination (in accordance with your local L/T laws) the day after the closing and start fresh with your own screened tenant.Otherwise, you're setting yourself up to be very frustrated, I'm afraid.

Some other good ones: Set for Life by @Scott Trench, 10X Rule by Grant Cardone, and Cashflow Quadrant.

FHA guidelines and rates themselves are set by FHA.  

I hope those cute little stories make me sound smarter than the first set of answers I gave.  

I'd set it up as 12 months.