Set this up by doing the math and getting the right loan so that your place nearly breaks even after a capital expenditure account is paid (for those big ticket items). 

Federal guidelines do not allow loans like this to be refinanced sooner than 90 days I'm told.

If I use my FHA loan, after a year of living in the household, can I convert my FHA to my LLC and still reap the benefits of that 3.5% down payment? 

Get perm loan, cash flow.

You might consider seller financing to the renters since their traditional loan is probably beyond them.

Ensure that you have explored different lenders and loan products to secure the best terms and rates for your pre-approval.Property Management: Have you considered whether you will manage the property yourself or hire a property management company?

I'm analyzing a first potential SFH deal on a conventional loan with 20-25% down.

Unless you just want someone with no construction education/knowledge, this number probably won't work.Suggest you contact a bank that does construction loans and ask how much they charge for inspections before approving a draw.10+ years ago, the charge was around $100.

So, I was wondering if it would be smarter to use the time I have on this current rental lease to start looking for a small multifamily property to buy and house hack (with an FHA loan). 

The IRS doesn't care about the type of loan you have on it.