This year I'm set on investing and did a cash out refi to get out of my current FHA loan (and am doing 3 side hustles this year too in addition to my 9-5) to get a second SFH with an FHA 203k loan.

This way in case, lender ask for additional information, they will surely ask for bank statements of rentals.

Turns out you owe an additional $1,000.

As an update, I received a copy of the rental license from the seller which in addition to historical zoning approval, confirms that the zoning is correct for its intended use as a duplex.

Additionally you may be required to pay the tenant interest on the money as you would with a deposit or LMR.The reason you are being offered a bribe is most likely because they are a extremely high risk tennat.

If so are there any additional steps that need to be completed?

Additionally, these factors create more inefficiency in the market which leads to greater opportunities to find value.  

All of these determine the premium, in addition to other factors like the Construction, Occupancy, Protection and other Exposures.  

If you can meet the numbers you have presented then you have a good chance of making it work.The PMI amount is in addition to PITI (Principal, Interest, Tax, Insurance) payment.  

Additionally, the original poster is talking about flips and not rentals.