Buy and Hold under LLC with FHA financing?

[Jeremy Carl]

Just a quick question that I couldn't quite find the answer to but I think I know the answer, I just want to see if anyone has heard of this being done successfully or something similar to it being done successfully. 

I live in Orlando, FL. I have a lease at an apartment complex that I really like and I still have 11 months on my lease. I want to buy a multi-family property and rent out the units to make a positive cash flow. Can I buy any form of housing (whether it be multi or SF) using FHA financing as a first time home buyer without living in the property for the first year?

Like I said, I think that the answer is "NO" but if there is something similar to that situation that someone has done, I would love to hear about it!!! 

Don't forget to tag me in your replies so I know when someone has replied to the forum. Thank you for the help! 

[Jordan Archer]

Hey @Jeremy Carl 

You can not buy a property under an LLC by means of an FHA loan. The loan must be in your name. Instead, put an umbrella insurance policy on the property. This is what I did after I bought my duplex.

You can buy a home using an FHA if you don't live in it IF you claim it as your primary residence...just make sure you have your mail forwarded to your apartment.

You could also sublease your apartment, and actually live in the multi family...just a suggestion.