Just keep in mind that you  will need to certify a 1-yr owner occupant period......you can re-fi out of FHA and eliminate the original restrictions...there are a lot of lenders offering a 5% conventional now...it will save you on the upfront Mortgage Insurance Premium (MIP) associated with a FHA loan...and no owner occupant requirement.

@Justin R. of course they don't feel like it's their fault, and their premium stands to go up if a claim is filed.

You basically pay a premium for the long lease being in place. 

I buy only good premium proporties.

It's worth paying a little more of premium for readily available funds when you've got a great source of deals coming in.

Additional NON REFUNDABLE $400 pet entrance fee and additional monthly rent premium of $40.Smoking: All our units are nonsmoking and policies are strictly enforcedLease term is 1 month, auto-renewing, and monthly lease includes heat & hot water unless otherwise stated.2.

For a $234,500 property, that would be $1,173 per year as the Property Insurance premium.

*edited to correct zipcode*

They ar easy to maintain and usually rented with a small premium.  

However, the Articles of Formation (non-certified edition) are available for sale on the state system for only $6.