Do I have to adhere to the 1 year rule between loans?

[Ben Rodriguez]

I recently closed on a duplex with the intention of moving into the vacant unit (I inherited a nice-but-always-late tenant, which I'll ask about in another post). Since I am moving in, I was able to get a conventional loan. While waiting for repairs to be completed, I came across a great deal on a SFR in preforeclosure, and my offer was accepted.

So my question is, can I move into this new purchase instead of my duplex? I know I'm supposed to wait one year before putting the vacant unit up for rent, based on the terms of the loan, but what if I want to move now? Would I incur a penalty? Would i be sued for breach of contract? Am I breaking some law?

Now assuming I do chose to do this, can I qualify for a conventional loan instead of an investment loan, especially being that I've so recently closed (less than a month ago) on a conventional?

I apologize if that's a little convoluted, but it's my first of many questions!

Thanks!