But I have considered doing this and most likely will when they adjust if not before no matter where I’m located.  

:-) Outside the US I use the Corelogic calculator because our local insurance companies provide a no-frill version for free. 

As long as there's no HOA rules there should be no problem doing a medium term rental. 

Does the security deposit go to the new owners at closing, and does the tenant need to sign a new lease agreement?

I have no idea what a short term rate would be for you, but just to put it in comparison - if you rented your place for $50/night - that's a maximum potential income of $1,500/month.  

I did not find it very useful and the monthly fee makes little to no sense.

I have not really seen any of the 100% lenders want to work with anyone that have very low experience and no money.

There is no way you can do this renovation for $25k.

I live in Ames, so it's no problem to swing down to Des Moines.  

No contractors yet.