On paper it makes sense but I would be curious if anyone with more experience on this subject matter has an opinion.thanks!!!!

But you can customize any policy to make the premium lower.

(on things like flooring, cabinets, remodels, siding etc) I want to hear thoughts on going as cheap as possible, making the house look "high end" (possibly attracting higher end renters and charging more) or somewhere in the middle?

@Ali Nichols- these responses  dont make it sound too good .....assumable loans can be challenging to work  

Make sure that strategy fits into your investing time horizon and goals and makes sense from a return perspective. 

Just make sure you don't rely strictly on the numbers, because they don't always tell the whole story.

Financially this deal makes sense; however, I am concerned with the safety aspect… I must live there for a year since I am looking for an FHA loan.There are areas close by that i know can have criminal activity but I am uncertain about this specific area (1-2 mile radius).

Be sure to connect with other BP members and make some friends along the way. 

I also plan on moving the master bedroom (currently upstairs) to the other ground floor bedroom, and making the upstairs bedroom a "guest room."

If the numbers make sense, go for it.