Nothing I’ve seen on MLS comes close to the 1% rule though... just don’t want to throw away rent for him.

(Part of this was timing since the existing lease was coming up on its expiration).2 - As others mentioned, make sure you understand the rules of the program and educate yourself ie. annual inspections are required, need to use the same lease terms as other properties, rent increases may need to be approved by the housing assistance administrator well in advance, etc.

Investing is all relative...for example, I'll take a B-class property that breaks even every month over a C-Class property that cash flows $600/mo. because it works better for my plan and style...the point is that any rules about returns are crap. 

Especially if purchased in Chicago where the rules are more relaxed and I can rent out basements. 

For one thing, condo associations (with support from enough owners) have the power (and the motivation) to severely restrict your ability to rent at any time.

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do I stick to the, if it isn't broke don't fix it rule ?

He should be able to give you the rules on what you can/can’t do and how long you need to hold a property, etc.

It’s required for low down payment conventional mortgages.As for additional FHA stipulations, I’d read up on the FHA Self Sufficiency rule.