Find another successful rehabber in the area where you're looking to buy, and see if he'll manage the process for you for either a fee or a cut of the profits.For example, we'll do this for investors in our area (some local who want to be hands-off and some out-of-town investors); we'll do a flat fee or a percentage of the profits and basically take care of every aspect from buying to rehabbing to marketing and selling.Having a one-stop shop is a great way to simplify things, especially if the person you're working with already knows the business...

As of March 31, 2011, the percentage and number of our single-family conventional loans that were seriously delinquent decreased, as compared with December 31, 2010, and has decreased every month since February 2010."

A huge percentage of tenants here have dogs, so excluding them all would limit your pool of tenants, so I've posted mine as "pet friendly, IF your pet is friendly".

You can then send a letter prior to the automatic renewal that gives two choices: month to month under the automatic renewal terms (with the percentage of rent increase spelled out), OR sign a new lease for a specified term with a rent increase that is say half of what the automatic renewal would be.

Then, we'd simply sign an agreement for each project outlining the financial responsibility and ownership percentage.

Sometimes not more than a certain percentage are allowed to be rented.  

Im not an expert on who owns what but I do know that these companies own a good percentage of single family homes which is cause for concern when they do decide to dump off everything they own.

Keep in mind most PM agreements have a clause that they get a percentage of the contract even if they are not the listing agent, tho I have never had anyone enforce it, so check your contract.We have found home owners worry about tenants being in a unit, even if you have the right to terminate the lease they are always worried about the tenant not wanting to move out.

Everywhere I have ever worked we charged 1/2 of the first months rent and a negotiable monthly rental rate percentage depending upon number of units.

You indicate you have $20K equity but not sure where you are as a percentage of total appraised value.I agree with @Moises Carlos that refinancing to a conventional might be a good choice so that you can put the FHA back into your "toolbox".