this is a newbie question but here is my background...I have been a silent partner in flips for the last year on two properties which will be getting the principal and profit back soon as they are under contract or have sold already.   

@Elliott HuffardThe line of credit would only be for a maximum of 12 months and then yes, the loan would need to be refinanced or the house flipped and sold. 

Biggest item unless direct billed water/sewer is that there isn't any expense for that in this line items.  

Sold two, kept 2 as rentals. 

I love opportunities where you can purchase an item below what it would cost to build it.

I'm willing to build something on the property, buy items that people can rent from me, really just  any ideas are welcome that you can come up with! 

The dog really is a periphery item in this discussion.

This item is probably not worth a lot of heartburn one way or the other.

I didn't know the value of the items when we purchased the house. 

That being said, as long as you live in the property for 1 year(Normally the lender will have you sign the Letter of Intention) you should be able to do whatever you want with the property after that...like renting it out or selling etc..You can also buy another FHA mortgaged property as long as you sold the previous FHA property or refinanced into a conventional loan.