My goal is really to eliminate my mortgage payment for a few years to really focus on putting some money away.Thanks for the response, @Brett Merrill 

Work on your renovation "system" to eliminate these overlooked issues.

Using the conventional product first does a couple of things for us:We won't have to refi out of the FHA loan to eliminate PMIOnce we reach 20 percent equity PMI will go awayWe still have our FHA loans available to useHaving a "non-occupant co-borrower" is a great way to qualify for financing.

If I stick to a strictly "no pets" policy, I'm eliminating a good chunk from the potential tenant pool.  

Especially from an investor standpoint, reducing/eliminating broker fees is essential in order to keep those IRRs palatable!

Im currently working in a private healthcare clinic but am looking to transition to mobile, going to peoples homes(eliminate overhead, and more convenient for patients).

This will eliminate the sink saving space.

Changing due dates and adding odd days interest in the intrem to primcipal and amortization would not be a gross compliance issue.Modifying escrows or eliminating escrows from the payment, if any.But, adding maintenace fees, deposit fees or other misc. fee income to a balance may be over the top, especially for an individual investor type.

Once it is refinanced into a conventional loan you eliminate the 12 month seasoning requirement as it is not longer an FHA loan.

Most people are trying to go after higher yield which is inherently riskier from a release aspect when if there were focused on the assets trading in the 4%-5% CAP range, they typically will mitigate or mostly eliminate their risk and focus on rental growth within the space market rather than relying on what the capital markets are doing.