You can do this almost "tax free" if you set it up correctly, or you can lose 50% to taxes if you don't.

I am getting conflicting information from people and am looking to set the record straight on this topic.  

Honestly, I don't see much of a reason to go and start your own brokerage unless your goal is to build out your business as a real estate mega agent, recruit other agents, set up your own systems, etc.

I think you're struggling because you haven't set up your goals yet.

I have an Excel spreadsheet set up to put in all the information.

I would issue a notice of termination (in accordance with your local L/T laws) the day after the closing and start fresh with your own screened tenant.Otherwise, you're setting yourself up to be very frustrated, I'm afraid.

Some other good ones: Set for Life by @Scott Trench, 10X Rule by Grant Cardone, and Cashflow Quadrant.

FHA guidelines and rates themselves are set by FHA.  

I hope those cute little stories make me sound smarter than the first set of answers I gave.  

I'd set it up as 12 months.