@Ryan Keenan you may want to go back and listen to BP Podcast Show 301 with @Alexander Felice In it, Alex talks about how he interprets Fannie Mae delayed financing guidelines to 'bake' rehab costs into the final closing statement at initial purchase to allow for a cash-out refinance in less time than is typically required for seasoning. 

Thank you @Ashish AcharyaEven though it is a rehab, do you believe there may be room to simply expense portions of the rehab under $2,500 through De Minimis guidelines?

Follow your state guidelines exactly as they are spelled out, and make sure all of your efforts, correspondence, etc. are well-documented and you'll be fine. 

For the househacking route, I'd be perfectly willing to sleep on a cot in my parents basement whenever I wasn't constrained to follow FHA guidelines.

Those Government-Sponsored Enterprises (GSE's) have guidelines that the banks and mortgage companies have to follow if they want the loans they originated to get bought on the secondary market and ultimately sold in mortgage backed security pools. 

If not, you’re gambling too much in this game.

You bought right, kept your reno well within acceptable  guidelines and have a cash flowing property. 

Does any one have some guidelines which they can share that they follow when going through this decision making process?

Plus, insurance companies are very polite: they like to let everyone else go first :) Meaning a lawsuit about the dog would hit their policy before yours as the landlord.As an aside, I would have clear, written guidelines that are applied to EVERY potential tenant.

5% with a cost of $500 is a GREAT rate in todays market for a NOO multi unit.To clear up some of the LTV questions going around regarding SFR & multi-units, here is what Fannie Mae guidelines state:Non owner occupied purchase 1 unit  - MAX LTV is 85% Non owner occupied purchase 2-4 unit - MAX LTV is 75%Owner occupied purchase (2 units) - MAX LTV 85%Owner occupied purchase (4 units) - MAX LTV 75%Cash out refinance on 2-4 unit NOO property - MAX LTV 70%Cash out refinance on NOO 1 unit property - MAX LTV 75%Cash out refinance on OO 1 unit property - MAX LTV 80%Cash out refinance on OO 2-4 unit property - MAX LTV 75%In regards to the questions about the discrepancy in rates, their is a difference when you use an "online bank or lender" vs. a mortgage loan originator.