Ask for 12 months of proof of rent payments "on time". 12 months of phone bill payments, 12 months of water bill payments, 12 months of electric payments, tuition payments on time, auto insurance payments, etc.

First, should I wait until after that date to enter into a realtor contract to sell the property to insure that I get the presumption that my intent has been to hold it as an investment property? 

Make sure you carry ample liability insurance too and keep your personal stuff completely separate.

The rates and fees will be higher, but you could put something like $7500 down on a $30k property that brings in $1300/ mo when your mortgage, taxes, and insurance come out to like $650/mo combined.

I am already prepared to provide surety (landlord insurance and insurance against property damage, etc.)

Does the 50% rule include only operating expense, or does it also include debt coverage and taxes as well?

Is this standard while applying for an FHA loan to receive an up front mortgage insurance premium and then have t pay a monthly mortgage insurance premium?  

I'd be interested in your thoughts about this: -Listing price $125k (comps show past solds are between $100k - $115k) -2 units: each unit 3 bed/3 bath ($800 + $850: total rent is $1650/month) Both tenants want to stay-Taxes are between $1750-$1800/year-Home Insurance: getting quotes between $1100/yr - $2000/yr-Good school area: Great schools show elementary/middle/high are between 7-9-in HOA: HOA fees are $40/month - go towards a community pool- property built in 2010- property management at 10% (I debated managing myself but am 1 hour away) -tenants pay all utilities-was part of a huge development that didn't get all developed, there are lots of vacant lots between propertiesMy goal is to get at least $500/month in net cash flow after all expenses are paid at and least 15% cash on cash return. 

You might be lite on the insurance number.

We have put the deposit down and want to make sure we get coverage on the house to protect our interest.